Maybe Now's the Time to Buy a House in L.A.
If you've been reading L.A. Weekly, you know there's a housing crisis in Los Angeles. Rents are some of the highest in the nation, and housing prices are just ridic.
Basic bungalows are going for $1 million-plus in some core neighborhoods.
Well, the folks at real estate site Trulia might have some good news for you if you've been holding on to that down payment to wait for some deal — any deal — you could afford:
Today Trulia released its latest home price data. It shows that prices in the L.A. market only rose 10.2 percent between June 2013 and last month. Only.
That's a cool-down because, a Trulia rep told us, 2013's June-to-June real estate price jump in Los Angeles was a whopping 20 percent.
Remember those boom times?
The Inland Empire had the highest real estate price jump from June 2013 to June 2014, according to Trulia: The area saw a 16.9 percent increase in prices.
But, overall, the West and Southwest "hit the skids" when it came to asking prices last month, the site says. Orange County saw only a 0.4 percent price increase when Trulia compared the spring quarter to that of 2013.
Says Jed Kolko, Trulia's chief economist:
The price slowdown has been particularly sharp in the boom-and-bust markets of California and the Southwest, where the recession was severe, the recovery was dramatic, and the slowdown is now most pronounced.
Good luck shopping, though: Home prices are still rising faster than wages in most of the country, the site says.
And, uh, here's the bad news: Rents rose 6.1 percent in the L.A. market in June, meaning a typical 2-bedroom apartment here costs $2,350 — more than half (51 percent) of the average local wage.
Like we said, maybe it's time to buy.
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