Category: Los Angeles
LA-OC home prices 10 times greater than incomes, report finds – OCRegister
Buying a home in Los Angeles and Orange counties costs 10 times more than what a typical family earns in a year, a new housing report shows. That’s double what it was in 1980, when the price of a house was five times the median household income, according to Harvard’s Joint Center for Housing Studies. The L.A.-Orange County metro area had the fourth-highest price-income ratio out of 385 U.S. metro areas listed in the report, which came out in late June. In the Inland Empire, home prices were more than six…
Read MoreLos Angeles Housing Market 2024: Trends and Predictions – Norada Real Estate Investments
Los Angeles, the land of sunshine, celebrities, and iconic beaches, also boasts a housing market that is equally famous – and competitive. Fuelled by a vibrant economy and perennial allure, the City of Angels attracts a steady stream of residents seeking a slice of the California dream. The Los Angeles housing market, a scene long dominated by headlines of skyrocketing prices and fierce bidding wars, seems to be entering a new chapter. While it’s certainly not a buyer’s paradise yet, some recent trends suggest a potential shift. Let’s dive into…
Read MoreL.A. families face ‘nearly impossible’ home down payments – KTLA Los Angeles
The old adage that you need a 20% down payment to afford a home is a massive underestimation for the average buyer in 2024, according to analysts at Zillow.com. New data released from the real estate listing platform shows that an American family making the national median income would need closer to a 35% down payment to be able to afford their monthly mortgage bill. For Los Angeles residents, the outlook is even more bleak. According to Zillow, a median-income household in Los Angeles would need a “nearly impossible” down…
Read MoreHome prices are rising nearly everywhere. Not in Hollywood – Los Angeles Times
A few blocks from the corner of Western and Melrose, the 1920s bungalow on Lemon Grove Avenue had a certain charm. The original hardwood floors were well kept, the kitchen and bath updated for modern tastes. For sale at $875,000, the Hollywood listing boasted that the house was featured in the 1970s classic film “Chinatown” and was minutes away from the studios. The world’s most famous sign is visible from the dining room. But despite being one of the cheaper options in the area, it drew no offers. In May,…
Read MoreCalifornia has 6 of 10 ‘most vulnerable’ housing markets in US – LA Daily News
The “Looking Glass” ponders economic and real estate trends through two distinct lenses: the optimist’s “glass half-full” and the pessimist’s “glass half-empty.” Buzz: California has six of the 10 counties nationwide with the highest risks of home-price declines. The source: My trusty spreadsheet looked at Attom’s study of housing markets “most vulnerable” to price declines based on first-quarter economic measurements such as affordability, underwater mortgages – loans larger than home values – loans in the foreclosure process, and unemployment rates. Debate: Where are California’s shakiest home prices? Glass half-empty California’s…
Read MoreThese shrinking California cities are still seeing home values skyrocket – KTLA Los Angeles
(NEXSTAR) – If people are moving out of a city, it must mean it’s an undesirable place to live, right? Not true, new data analysis shows. Once again, the California real estate market seems to defy the norm. Several California cities with shrinking populations saw home values spike by more than 20% over the same time period, a new analysis by MoneyGeek shows. Dozens of others saw more modest gains, between 10% and 20%. The biggest jumps were found in wealthy cities and suburbs, like the beachside communities of Carlsbad, Santa…
Read MoreJim Carrey is the latest victim of California’s housing freeze — LA mansion price drops by $7M – Yahoo Finance
Jim Carrey has cut the price of his Los Angeles home to $21.9 million–a staggering $7 million reduction. Jim Carrey has hacked the price of his long-time Los Angeles estate once again. The “Yes Man” actor, 62, initially listed his sprawling 10,954-square-foot Brentwood mansion for a hefty $28.9 million in February 2023. But the lavish pad has failed to find a buyer, prompting Carrey to repeatedly slash the price. The first cut came two months later, dropping to $27 million. By October 2023, he’d trimmed it down again to $24…
Read MoreJim Carrey is the latest victim of California’s housing freeze — LA mansion price drops by $7M – New York Post
Jim Carrey is latest victim of CA housing freeze — mansion price drops by $7M Live updates
Read MoreCalifornia median home price passes $900K, sets all-time high – KTLA Los Angeles
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Read MoreIn a first, most California houses sell for over $900000 – Los Angeles Times
Want a house in California? It’ll likely cost you over $900,000. The statewide median sales price for a previously owned single-family house surpassed $900,000 for the first time in April, a shocking figure that underscores just how unaffordable housing has become across the Golden State. The April median of $904,210 is up 11.4% from the same month a year earlier, according to data from the California Assn. of Realtors. The median — the point where half the homes sold for more and half for less — has now climbed more…
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