L.A. Home Prices Continue Upward Trajectory

LOS ANGELES-As GlobeSt.com previously reported, the leisure and hospitality industry in Los Angeles has emerged as one of the biggest drivers of local employment growth. So says Beacon Economics’ summer edition of the Regional Outlook Los Angeles. And the residential market in the area has staged a dramatic recovery over the last year. That is according to the latest report from Beacon Economics.

According to the locally based firm, the median price for an existing single-family home is over $465,000 as of the first quarter of 2013, a 26% increase over the median price in the first quarter of 2012 ($368,000). Interestingly, sales of existing homes were actually down 2.9% year-over-year in the first quarter of 2013.