Blog List >  Los Angeles Median Home Prices Rapidly Approaching $1 Million
Los Angeles Median Home Prices Rapidly Approaching $1 Million
Jul 18 2018 2:09PM Posted by Pacific Union, MAY 2018
 
FROM OUR COMPANY CHIEF ECONOMIST, SELMA HEPP

  • While April home sales equal those in the prior year, strong demand continues for homes priced between $2 million and $3 million
    • NELA and Foothill Communities see jump in higher-priced sales
    • Overall sales surged in Malibu and Beach Communities North and West LA, followed by Eastern Cities, Hollywood Hills and Greater Pasadena
    • Communities South of 210 continue to see weaker sales in 2018 as a result of slower demand from Chinese buyers. Mid-City also seeing weaker sales in 2018 so far 
  • Median home prices up 14 percent from last April, reaching $939,500 
    • Higher-end sales push median prices up considerably in Foothill Communities and Malibu areas 
    • Among more affordable communities, strong price growth in Mid LA/Baldwin Hills, East Valley, and South of 210 
  • For-sale inventory 21 percent below last April, with all price ranges lower than last year
    • Inventory priced below $1 million down 33 percent and once again up to 50 percent in some traditionally affordable areas, such as Eastside, NELA, and East Valley
    • A few neighborhoods have seen some growth of higher-priced inventories: South of 210, West Valley, Foothill Communities, Eastern Cities, West LA and Hollywood Hills
  • Rising interest rates have not slowed buyer competition 
    • Homes sell at faster pace than last year, with a median of 31 days
    • Eastside homes sell in less than two weeks
    • 67 percent of NELA homes sell over the asking price
    • 47 percent of total homes in Los Angeles sell over the asking price
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