Median Price of Los Angeles Homes Increase
A recent report on DQNews.com, shows the median price of Los Angeles homes has increased. “The median sale price rose to a more-than-six-year high. The median price paid for all new and resale houses and condos sold in the six-county region last month was $400,000, up 4.4 percent from $383,000 in February and up 15.8 percent from $345,500 in March 2013. Last month’s median was the highest since it was $408,000 in February 2008.”
In addition, “In March, Southern California home buyers forked over a total of $4.04 billion of their own money in the form of down payments or cash purchases. That was up from a revised $3.36 billion in February and down from $4.46 billion a year ago. The out-of-pocket total peaked last May at $5.41 billion.”
Why the increase? There could be a number of reasons.
According to an article in the Los Angeles Daily News, three declines could be contributing to the increase as follows:
1.” Last month foreclosure resales — homes foreclosed on in the prior 12 months — accounted for 6 percent of sales, down from 7 percent in February and from 14 percent a year ago.
2. Short sales accounted for 8 percent of the market share in March, down from 9 percent in February and 19 percent a year earlier.
3. Absentee buyers, mostly investors and some second-home purchasers, accounted for a 27 percent share last month, down from 29 percent in February and 31 percent a year earlier.”
As always, consult with a qualified real estate agent to get the most up-to-date information on your local market and Los Angeles homes.