LA County median home prices surpass pre-recession peak

Los Angeles /
Jun.June 21, 2017 12:00 PM

The median home price in Los Angeles County has surpassed its pre-precession peak, according to a recent study by CoreLogic.

The median price hit $560,500 in May, a 6.8 percent increase from the previous year. Sales volume also jumped 4.8 percent.

The skyrocketing increase in home values can be attributed to an improving economy, historically low mortgage rates and a shortage of listings, the Los Angeles Times reported.

Real estate agents say that many buyers are convinced prices will continue to climb and have become more aggressive in their bids to purchase homes.

South Bay real estate agent Barry Sulpor said high rents and a fear of rising mortgage rates are also fueling demand. He told the Times that his open house for a $975,000, three-bedroom home in north Redondo Beach was “standing room only” last weekend. [LAT]Subrina Hudson


Related Articles

arrow_forward_ios
(iStock)
Buildable home lots in LA and Orange counties at lowest levels
Buildable home lots in LA and Orange counties at lowest levels
(iStock)
SoCal home prices keep rising while supply dwindles
SoCal home prices keep rising while supply dwindles
Kathryn Barger, member of the Los Angeles County Board of Supervisors
LA County launches $100M rental assistance program
LA County launches $100M rental assistance program
L.A. County is dropping its PACE home improvement loan program, which has faced years of fraud allegations because of unscrupulous contractors and private lenders. (iStock)
Home improvement loan program gets axed following fraud allegations
Home improvement loan program gets axed following fraud allegations
L.A. County Chief Executive Sachi A. Hamai
LA County’s ugly draft budget sets aside $100M for housing efforts
LA County’s ugly draft budget sets aside $100M for housing efforts
Board of Supervisors
It’s now virtually impossible to evict a renter in much of LA County
It’s now virtually impossible to evict a renter in much of LA County
Los Angeles County supervisors Janice Hahn and Hilda Solis (Credit: JC Olivera/Getty Images)
Los Angeles County may help pick up rent bills
Los Angeles County may help pick up rent bills
LA home prices up 8.5% YOY amid plummeting inventory
LA home prices up 8.5% YOY amid plummeting inventory
LA home prices up 8.5% YOY amid plummeting inventory
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...