By Success Money
Los Angeles Housing Market: Prices/Trends/Forecasts. Similar to all other parts of the country, the housing market in Los Angeles is currently experiencing a boom. A strong comeback from the pandemic stall. Buyers motivated by low interest rates are entering the housing market with the hope of fulfilling their American dream of owning a home. And they are especially drawn to what L.A. has to offer, from the glitz of the entertainment world to the cultural diversity it has.
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SALES Median Sale Prices in all the six Southern California regions have experienced a 33.1% increase this May, compared to the same time last year. The double-digit price growth across the region can be accounted for by the rise in the sale of single-family homes. Los Angeles had a massive 80.7% year-over-year increase. In L.A., as of May, the median sale price was
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he demand is, however, higher than what the market is currently supplying. As a result of this increased demand and inventory scarcity, prices in L. A’s housing market have appreciated dramatically. It is, therefore, no surprise that this is, in turn, affecting affordability. Those able to afford a home have to pay well over the asking price, while those unable to are exiting the market.
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