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LA Home Prices Continue to Rise
Home Prices in Los Angeles Beat Out New York and Miami
Home prices continued upward throughout November across parts of the country. In Los Angeles prices increased at a 7 percent growth rate year-over-year according to the S&P Corelogic Case-Shiller Index, beating out New York at 5.7 percent and Miami at 4 percent. Seattle led the way with a 12.7 percent annual increase and was followed by Las Vegas and San Francisco, respectively.
The median sale price for homes in California rose to 1.4 million, up from last year while average sale price decreased 10 percent to 2.3 million.
Amidst Growth in the Mid-Price Market, Luxury Home Sales Slip
While LA home prices have been on the rise for the past few years, one sector of the Los Angeles real estate market has seen a recent dip. The median price of luxury homes in LA fell 17 percent compared to 2016 in the fourth quarter of last year.
Older high-end inventory that’s been on the market for a while is being taken off and relisted to adjust overinflated prices. Thus inventory fell 32 percent year-over-year in the luxury sector. Yet the number of closed sales in the non-luxury market has risen 13 percent signaling a robust southern California market with a marked shift from larger properties to smaller ones.