Los Angeles home prices rising
Those who are considering investing in real estate in Los Angeles may want to act now. Home prices in the area have been climbing upward since April 2012 and experts agree this may be a good sign that the local housing market is finally on stable footing again.
According to the Los Angeles Times, the median home price in California rose to nearly a four-year high in July 2012. DataQuick reports that the median home price in the state was $281,000 during July, up 2.6 percent from June and up 11.5 percent since July 2011.
"LA is perhaps bottoming and moving into positive territory," Maureen Maitland, vice president of S&P Dow Jones Indices, an organization that analyzes the data each month, told NBC Los Angeles. "Home prices are improving not just month to month but versus where they were a year ago."
The Los Angeles Times states that the median home price in the Southland was $306,000 in July. This is a two percent increase from June and an 8.1 percent year-over-year increase. Furthermore, a total of 20,588 newly built and previously owned homes and condos were sold in the region in July.