Category: Los Angeles

Home prices in California reached a new record high in April as sales increased despite elevated mortgage rates and the state’s seemingly insurmountable housing shortage. The median price of a single-family home climbed to $904,210 last month, nearly 6% higher than March and 11% above April 2023, according to data released on Friday by the California Association of Realtors. Home sales also increased month over month and year over year by low single-digits. “Both sales and prices are going up despite all the speed bumps that we’ve had along the…

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For much of the past year, the Southern California housing market has been defined by an extreme shortage of homes for sale. The abnormal scarcity — compounded by the region’s long-running underproduction of housing — emerged when homeowners chose not to sell and give up pandemic-era mortgage rates. The so-called seller strike helped pushed home values to new records, despite rising borrowing costs. Now the inventory picture might be changing. “It’s getting a little bit better,” said Eneida Contreras, a Compass real estate agent who specializes in the San Fernando,…

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WEST HOLLYWOOD, Calif. (KABC) — If you thought California housing prices couldn’t get any higher, a recently sold condo’s price tag might surprise you. According to californialistings.com, a West Hollywood penthouse condo just sold for a record-breaking $24 million, making it the highest paid condo complex in the greater Los Angeles area. While the condo doesn’t come with its own front yard, it does include a wraparound terrace, 24-hour concierge service and more than 6,400 square feet of living space. Record-breaking home prices in SoCal making it difficult for buyers…

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