Welcome to the first installment of the Monthly Market Minute: LAPMG’s Real Estate News, where we round up reports from local rental/real estate news outlets and put them all in one place for your convenience. If you’d rather not spend hours trying to find reliable news on the rental and real estate markets in Los Angeles, spend a minute here instead.
- According to Redfin, the median sale price for a home in the Los Angeles area is currently $820,000 (though this number includes Orange County). That’s up from 11% year-over-year from 2019. The national median price of a home was $334,000, a 13% increase from the prior year. So even though L.A. remains one of the country’s most desirable destinations for home buyers (and the prices show it), the median houses in the rest of the nation has increased at a faster rate in recent months.
- Norada Real Estate Investments quotes real estate experts as predicting that home values in Los Angeles will appreciate by 5% in the next 12 months.
- The same Norada forecast reports that renters in Los Angeles currently pay an average of $2,400 a month. (We find this report especially valuable and informative. Check it out if you’ve got time.
- ManageCasa.com has published a market update including this statistic: 59% of California realtors believe now is a good time to sell a home in CA, and only 25% believe it’s a good time to buy.
- On why California’s housing market has continued to improve despite the COVID-19 pandemic, California Association of Realtors Senior Vice President and Chief Economist Leslie Appleton-Young says: “California’s housing market continues to be the bright spot in the economy, but the direction and pace of the recovery will hinge on the coronavirus pandemic and the distribution of the vaccine in the coming months.”