The market is hot — really hot (insert fire emoji here)
It’s record-breakingly hot, according to last month’s housing data. Los Angeles along with all of Southern California, have hit an all-time high, with the median hitting $655,000. That’s a 20.2% increase year over year; you’d have to go back to the Obama presidency to find the last increase of more than 20%.
Fear not: L.A. still has (relatively) affordable homes. You just have to know where to look. The median home price in L.A. County clocked in at $750,000 in April, so The Times took at look at seven homes in seven L.A. communities on the market for a little less: $700,000.
Southern California home prices are at an all time high in April as the real estate market got even hotter…
April home sales jumped 86.2% year over year with a total of 25,857 transactions, compared with 13,889 in April 2020. It’s both a reflection of the pandemic-fueled housing boom and of a market that was chilled by coronavirus last spring as sales died in escrow and would-be sellers decided not to move.
It’s the ninth straight month of double-digit price increases, and experts credit a mix of factors, including ultra-low mortgage rates, increasing demand for space and an emerging home-buying demographic: millennials.