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.
One reason for the rising prices is a shortage of homes available for sale in Los Angeles County, according to the firm. As of April 2013, the California Association of Realtors' Unsold Inventory Index was at 2.5 in the County.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
