If you're in the market for a home in Los Angeles, God bless you.
The official median price in L.A., according to listings site Redfin, remains at a well-to-do family's level of $600,000. Keep in mind that the median individual income in the county, $28,555, isn't even enough for a below-the-median two-bedroom apartment.
Prices, in fact, were up 11.1 percent in May compared WITH the same time last year, Redfin says in its May housing market report for Los Angeles.
However, from April to May sales were “essentially flat,” the site says. Why?
As we reported previously, home prices are so ridiculous in this market that many prospective buyers appear to have lost hope.
“Buyers are starting to draw their line in the sand,” ays Alec Traub, a Redfin agent in L.A. “They still want to participate in the markeT but are approaching things more cautiously than in the past. No one wants to buy at the top of the market.”
Even as the overall number of sales went flat, however, sales were up from May 2015 to May 2016 in Eagle Rock (27.4 percent), Highland Park (16.1 percent) and Glassell Park (12.2 percent), the monthly report found.
Some of the lowest median prices in May were found in Watts ($281,625), West Long Beach ($372,500), Panorama City ($377,000), Pacoima ($385,500) and South L.A. ($400,000), according to Redfin.
Happy house hunting.
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