Los Angeles real estate prices beginning to rise again
A recent survey of the nation’s real estate industry shows home prices are rising slightly. In the 20 largest metropolitan markets in the nation, which includes Los Angeles real estate, prices were up .9 percent from July and 2 percent from August of 2011.
Los Angeles Real Estate prices overall are up 1.6 percent from July and 2.1 percent from August 2011. Only San Francisco fared better in California.
For LA and Orange County, that’s the biggest jump since November 2010.
DataQucik shows Orange County home values up by 8 percent over the past 12 months through mid-October.
“The housing market has finally begun to recover,” said Bruno Pisano of ILoveLosAngeles.net. “The Standard & Poor’s/Case-Shiller home price index is the primary indicator of home prices. This slight, but appreciated gain, they report in home prices is good news.”
While some of the country still languishes in foreclosures, most of the West Coast & Los Angeles real estate has moved past the foreclosure boom, Pisano said. There will always be foreclosures, of course, but the big problem is past, he said.
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“This is good news for buyers and sellers. It’s good for the buyers, because there are still some real deals out there and combined with incredibly low mortgage rates, buying a home is just making more and more sense,” Pisano said. “For sellers, it is good news because home values show signs of returning to realistic prices. Buyers who bought and the bottom of the market, and held on, will shortly be able to realize a decent profit if they decide to sell.”
Zillow.com, a national website that tracks homes and home prices, is predicting home prices will continue to rise over the next year. The experts at the website predict a 3.5 percent annual increase.
Zillow put the median price of an Orange County home at $397,000 at the end of the third quarter. Contact Los Angeles real estate agent Bruno Pisano, for any questions regarding Los Angeles real estate.