Los Angeles real estate hot in August
According to the LATimes, home prices in the Southland jumped 17 percent in August compared to last year, bringing the median home price in the area to $476,000.
In Los Angeles County, the median home price rose to $494,000, up almost 21.4 percent.
San Bernardino County jumped a whopping 32 percent to a median home price of $344,000.
Riverside County hit $388,000, up 16 percent.
Ventura County rose 15.2 percent to $592,000.
Orange County climbed 14 percent to $617,000.
San Diego County only rose 2 percent to $493,000. San Diego, once the Southland's leader in appreciation has been the coolest market in the area, and many think the rest of Southern California will follow in its footsteps. While most of Southern California has cooled over the last 6 months, a drop in mortgage rates seems to have spurred home buying interest, at least temporarily.
Overall, the market still appears strong. In the first and second quarters, foreclosures in California were down 15%. Still, most analysts feel the real estate market in Los Angeles and the Southern California area cannot sustain such gains in value.
When the real estate market finally calms down; however, seems impossible to predict.
Need a mortgage broker?
In Los Angeles County, the median home price rose to $494,000, up almost 21.4 percent.
San Bernardino County jumped a whopping 32 percent to a median home price of $344,000.
Riverside County hit $388,000, up 16 percent.
Ventura County rose 15.2 percent to $592,000.
Orange County climbed 14 percent to $617,000.
San Diego County only rose 2 percent to $493,000. San Diego, once the Southland's leader in appreciation has been the coolest market in the area, and many think the rest of Southern California will follow in its footsteps. While most of Southern California has cooled over the last 6 months, a drop in mortgage rates seems to have spurred home buying interest, at least temporarily.
Overall, the market still appears strong. In the first and second quarters, foreclosures in California were down 15%. Still, most analysts feel the real estate market in Los Angeles and the Southern California area cannot sustain such gains in value.
When the real estate market finally calms down; however, seems impossible to predict.
Need a mortgage broker?
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