The Los Angeles times reports that home prices in Los Angeles and Orange counties posted strong gains in July, rising 6.1% from a year earlier. That was larger than the 4.7% increase seen nationally, the Standard & Poor’s/Case-Shiller index showed. Compared with June’s figures, prices inched up 0.4% in the L.A. area. Downtown prices of course outperformed the rest of Los Angeles County, Orange County and nationwide.
National figures are not as bright. Sales of nationwide previously owned homes dropped 4.8% in August from a month earlier.
And on Monday, the National Association of Realtors reported that pending sales — based off signed contracts, not closed deals — fell 1.4% last month for the U.S.
Downtown LA provides the happiest story because local homeowners gained an average $48,711 in home value this past year. The naysayers who said a year ago that Downtown prices were “too high” have again been proven wrong. Downtown has yet again out-performed the surrounding area and the nation. Downtown Los Angeles home prices are up 8.2% in the 12 months over the previous year.
Here are the numbers for Downtown Los Angeles for the most recent 12 months, and the year before that (provided by the L.A. Loft Blog using MLS data as of 09/29/2015):
Last 12 months: 476 homes sold. Average price of $640,574
Previous 12 months: 482 homes sold. Average price of $591,863
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