Southland home prices soar
Now may be the perfect time to sell real estate in Los Angeles as the median home price in Southern California has recently hit its highest point in almost four years. According to the Los Angeles Times, the median house price in the Southland rose 2 percent in July 2012 to $306,000 from June 2012. This is encouraging news to local real estate experts because it could mean the housing market is strengthening and on its way toward recovery.
The publication reports that sales were up 13.8 percent from July 2011, which could mean the LA real estate market is on "increasingly solid footing". The interesting aspect of this increase in home sales is the fact that the the majority of buyers are shifting from first-time homebuyers and investors to regular buyers who are looking to move up by moving into nicer neighborhoods and bigger houses. Perhaps it is for this reason that the overall median home sale price is continuing to rise in the Southland.
"Barring a significant slowdown in the US economy, or other bad news on the international front, we fully anticipate the recovery in housing to continue, and really to further gather steam," explained director of UCLA's Ziman Center for Real Estate, Stuart Gabriel to the news outlet. "There is a broad-based sense on the part of the home-buying public that housing has turned the corner."