HOT OFF THE PRESS
According to the Los Angeles Times we are told, along with many other sources, that sales and pending sales are on the rise at a rapid rate, however they have also released news that the demand for inventory has become so great in some areas that it has lead to fierce bidding wars! Therefore:
This news is really, really exciting! With great affordability and a great selection of inventory, we are seeing the highest sales levels in more than two years. In fact, last month, sales were up 19% locally over July 2008 levels!
According to the LA Times, in a report released Tuesday shows a sharp rise in home purchases and an increase in median prices for a third straight month – In Los Angeles County, the median home price hit $321,000 last month, after being around $300,000 for most of the year. Orange County median home values rose to $420,000, up from a low of $370,000 in January. Analysts say the recent increase in the median price also reflects the fact that more expensive homes are selling well.
Also there may be good news on the foreclosure front. According to DataQuick, foreclosure sales are on the decline – falling in July to 43% of home sales, down from a peak of 57% in February. However it is suggested that this may not last.
We shall watch this story with a particularly close eye!
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
Subscribe to our blog using our RSS feed. (Click here!)
Judy Kunisaki – CA DRE license 00963582
