The real estate market in Los Angeles has always been watched very closely. However in recent years the market has taken center stage. First as an indication of how well individuals were doing and then just how badly the housing market bubble had truly burst. Many in the U.S. saw very wealthy and popular stars fall into foreclosure in the city of Los Angeles. Well now that we are being told that the economy is recovering how is the market in Los Angeles, better known as LA doing currently?
Well, as of February of 2010 there were about fifteen thousand homes both new and resale homes. January was about the same number. This speaks to the distressed and foreclosed homes that buyers are hurrying to take advantage of. Home sales prices also rose and that?s an encouraging statistic for the Los Angeles area. Even though the tilt is more toward homes that are in foreclosure and possibly distressed, the sales are still higher than a year ago. Many are getting back to basics since the adjustable rate mortgages that helped cause the problem are looked down on now. People in L.A. are truly evaluating if they can afford the home in the next five years before making the purchase.
The median price is still down dramatically from a few years ago, with the average homes selling price hovering around $250,000. This is again good news for those who want to live in the Los Angeles area and who may not have been able to afford the half a million median price of only a couple of years ago. This lower median will continue to help the real estate market in Los Angeles.
Foreclosures too, will help the real estate market in Los Angels to improve. Foreclosures account for over forty percent (40%) of the resale market. That?s a large figure, but it?s down from last years percentage and shows that there are sales of homes that aren?t in foreclosure and that?s always a healthy sign for the real estate market in Los Angeles.