Real estate values in Los Angeles County have recently risen. In fact, several counties in Southern California have seen their home values go up. Residential real estate in this part of the state had a median price of $465,000 in the month of August, which was an increase of more than 6 percent compared to last August, when the median price was $438,000.
In addition, more than 23,000 resale and new condos and homes were bought last month in Los Angeles as well as other nearby counties. This is an 8 percent increase from the more than 21,000 that changed hands in the month of July, and it is 9.5 percent higher than the number bought last August. The figures make August 2016 the strongest August in residential real estate sales in Southern California in the past decade.
Some of the reasons for the growth of real estate in this part of the state are low interest rates and job growth. Also, more people are establishing households. Another possible reason for the strong numbers recorded for August is that the month of July did not have as many business days as usual. With five weekends this July, a large number of real estate transactions might not have been recorded until August.
The recent statistics show that the residential real estate market in the Golden State is slowly edging back toward normalcy following the recent housing crisis. Individuals who wish to take advantage of the current market to buy homes, however, may make deal-breaking mistakes in their bid to purchase homes. A working understanding of applicable laws and procedures may help them to successfully complete their dreams of owning a California home.
Source: Arcadia, CA, Patch, “Los Angeles County Real Estate Values Grow in Recent Report“, Sept. 19, 2016