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LOS ANGELES-While Los Angeles County remains one of the nation's most competitive residential real estate markets, competition is beginning to ease, according to local brokerage firm Redfin. The percentage of Redfin offers that faced competition dropped to 80% in July, down from 86% in June.
The firm also reports, as GlobeSt.com previously reported, that home values are still rising, with median sale prices up 26% over the last year. Still, prices are not yet high enough to compel those who bought at the peak to list their homes for sale, leaving inventory still extremely tight as in other markets.
Development is being spurred in Santa Monica, Monrovia, Azusa and Glendora by L.A. Metro rail line extensions, which is creating more housing options for commuters, and Northeast neighborhoods such as Highland Park, Eagle Rock and Mount Washington are the newly emerging desirable markets, creating competition for West L.A. New construction is expected to provide some welcome inventory relief over the next six months since, as of June, building permits for single-family homes in L.A. County were up 56%.
For Redfin's complete report on the L.A. housing market, click here.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
