The Southern California housing market has had a difficult time coming out of the Great Recession. As we move forward into 2015, homes sales are going up. Home price has also seen an increase, but overall it is still going in a positive direction mostly for the move-up buyer. The Los Angeles real estate market is stabilizing as the economy is on the rise and there is continuous job growth.
Los Angeles Real Estate Market Trends
According to CoreLogic Data Quick, in a handful of Southern California cities, new and resale homes and condos saw an upswing. These cities include Los Angeles, Riverside, San Diego, Ventura San Bernardino County as well as the Orange County housing market. Last month there was a total of 19,205 homes sold in the area. This is a 22.8 percent increase from November 2013 where houses sold was 15,643.
The Los Angeles real estate market and the Orange County housing market are definitely seeing some action, which is always a good thing. The home sales are a clear sign there is interest in housing because of lower mortgage rates and job growth. Buyer confidence is building.
Although home sales are up, home price have increased year-over-year as well. It is definitely a move-up buyer market. Families with median or high incomes are dominating the Los Angeles real estate market. In Los Angeles County the median home price was up $30,000 more last month than December 2013. Home price went from $430,000 to $460,000. The Orange County housing market saw a median home price of $591,000 last month. This is up 3.7 percent from December 2013, which was at $570,000.
Los Angeles has seen a 2.5 percent job increase, which is higher than the United Stated average of 1.18 percent.
There are a few places in Los Angeles that are booming. If you’re looking to buy in the Los Angeles real estate market think about checking out these areas. Hollywood Hills offers beautiful homes for sale in a highly-desired area. These homes hold their home value. Venice and Pacific Palisades are major areas in the housing market. These large gorgeous homes with many amenities in walking distance.
The takeaway from the current housing trends is that they are stable and although moving slowly, the market is moving up.