What recovery? The cost of a house went up 8.4% in one month in Los Angeles. Why? Because the city holds back on the building of more homes, arranges for money to build affordable housing—but only the special interests and unions see that money. California is squeezing the middle class out of the State. As the cost of homes go up, so does the cost of renting an apartment or home. Glad the rich can stay here, along with the poor and illegal alien. As for the middle class, the Free State of Texas, Arizona and Utah are welcoming the productive folks.
“According to CoreLogic, the median price of a Los Angeles County home
was $530,000 last month, up from $489,000 in November 2015. A total of 6,450
homes were sold in the county, up from 5,217 during the same month the previous
year.In Orange County, the median price was $660,000 last month, up 5.9
percent from $623,000 in November 2015. The number of homes sold jumped by 20.9
percent, from 2,464 in November 2015 to 2,978 last month.The median price of a Southern California home was $465,000 in November,
unchanged from the month before but up 5.9 percent from $435,000 in October
2015.”It is expensive in the former Golden State because the leaders failed Economics 1—when you create a scarcity of product, the cost of existing product goes up. As long as building in L.A., San Fran and other cities pay over $100,000 just for the cost of taxes and permits to build a single housing unit. Government created the scarcity—and the people pay for the government policies. Remember that the next time you vote.
Median price of a home in LA rises 8.4% in November
LA West Media, 12/27/16
The median price of a home in Los Angeles County rose by 8.4 percent in November, compared with the same month a year ago, while the number of homes sold shot up 23.6 percent, a real estate information service announced today.
According to CoreLogic, the median price of a Los Angeles County home
was $530,000 last month, up from $489,000 in November 2015. A total of 6,450
homes were sold in the county, up from 5,217 during the same month the previous
year.
In Orange County, the median price was $660,000 last month, up 5.9
percent from $623,000 in November 2015. The number of homes sold jumped by 20.9
percent, from 2,464 in November 2015 to 2,978 last month.
A total of 19,530 new and resale houses and condos changed hands in Los
Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last
month, according to CoreLogic. That was down 2.4 percent from 20,012 in October
but up 24.1 percent from 15,738 in November 2015.
The median price of a Southern California home was $465,000 in November,
unchanged from the month before but up 5.9 percent from $435,000 in October
2015.
“The main reason Southern California home sales in November shot up so
sharply — 24 percent — year over year is the artificially weak sales recorded
in November 2015,” said Andrew LePage, research analyst with CoreLogic.
“Federal lending rules that kicked in during October 2015 resulted in
delays that caused some deals to close in December 2015 rather than November
2015,” LePage said. “This means the December sales tally this year will be
compared to an artificially inflated December 2015.”
He said this November’s sales also benefited from having one more
business day for transactions to be recorded compared to the same month last
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