Home Sales Top 15 Year Sales Record 6 million In 2021

Can’t Build Homes Fast Enough

Happy New Year! Looking to buy in 2022? Last year was a barn burner with 6 million units sold.

The US housing market has had a white hot year. Home sales are on track to reach the highest level in 15 years, with an estimated 6 million homes sold in 2021. But whether you benefited from this surge depended a lot on if you were selling a home or buying one.Homeowners saw average home prices skyrocket nearly 20% through the third quarter compared to a year ago, according to the Federal Housing Finance Agency. It was the largest annual home price increase in the history of the agency’s House Price Index. And, in some hot markets, the price increase was double that. 

America’s 10 most expensive zip codes have median home prices over $4 million Homes also sold at a record pace, with sellers often fielding multiple competing bids and all-cash offers. Even homes that were disgusting or burned out sold quickly, and at amounts that were well over the asking price.

Despite low inventory and rising prices, home sales inched higher in October, marking a second straight month of growth, according to a report from the National Association of Realtors.Sales of existing homes, which include single-family homes, townhomes, condominiums and co-ops, rose 0.8% month-over-month. After slowing during the summer, sales reignited in September, which saw a 7% monthly increase.

Year-over-year, home sales were down 5.8% from October 2020, which marked the cyclical peak in the pandemic surge in home buying.

#lahomeprices #entarispowerful

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Lawrence Yun NAR’s chief economist, said this year’s sales are on track to surpass 6 million homes, which would be the strongest performance since 2006.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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Scary real estate market of Downtown Los Angeles
Scary real estate market of Downtown Los Angeles

Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.

Mills Act Property Once Belonging to Betty Davis Goes on the Market

We receive significant interest in Mills Act properties in the downtown core. It is a great place to find a valuable property in a historic building that qualifies for the mills act tax savings. We want to remind everyone that eligible properties can be found all over the state. It is fun to see them in other locations. A beachfront home in Laguna Beach, once owned by Betty Davis, is one of these properties.

A $3 million price chop might help Bette Davis’ former Laguna Beach home finally sell.

Canadian investment manager Richard Wernham has put the 5,472-square-foot home at 1991 Ocean Way on the market for $16.995 million, according to Dirt.

Wernham first put the home up for sale in April with an asking price of $19.995 million. The house was then re-listed in July for $18.995 million.

The oceanfront mansion, built in 1929, was added to the National Register of Historic Places in 1982. Being a historic home, the property comes with a 10-year Mills Act contract that allows homeowners to receive reduced property taxes in exchange for preserving the home.

#millsact #entarispowerful

Fill out the online form to get Mills Act Properties on the market in DTLA.

The former Davis property is not the only home in the prestigious coastal city to see price reductions in recent months.

This month, a 1998-built home in Laguna Beach sold for $37.5 million after it was first put on the market in July for $48.9 million, in what was the third-priciest deal across Orange County this year.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.