The Los Angeles real estate market essentially paralleled the state of California’s in May – the number of sales fell slightly, but due to tight inventory, prices advanced.
Statewide home sales decreased 3.2% from May of 2015 but prices are up 2.2% from a year earlier.
Los Angeles County’s home sales decreased 1.2% from a year earlier, but the home prices increased a robust 8%.
According to a spokesman for the California Association of Realtors:
“The California housing market is growing modestly so far this year, with home sales running 2 percent higher year to date,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Fundamental drivers, such as household formation and economic growth, will continue to move housing demand forward. However, constrained inventory, low affordability, and regional disparities will be a drag on this year’s market outlook, which is forecast to see a 1.3 percent growth in sales and a 5 percent increase in the median home price.”
The Los Angeles real estate market is one of the most dynamic in the world. If you want an experienced guide through its pitfalls and wonderful opportunities, Silverwood is at your service. We are but a phone call or mouse click away.