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The Los Angeles housing market is rebounding. According to research from Pacific Union, the home sales increased 1% in April after 15 months of declining sales. Lower priced homes lead the activity. Home sales below $1 million increase 2% after 19 months of consecutive declines, while homes priced between $1 million and $2 million were up 8%. Activity for homes priced above $2 million continued to decline.

“For-sale inventory is higher on a year-over-year basis for the first time in at least last four years,” Selma Hepp, chief economist and VP of business Intelligence at Compass, tells GlobeSt.com. “For example, in the area we are covering, there were 10,816 properties for sale in April. Last year, there were 9,830 available at the same time. The year-over-year increase was largest among affordable homes, those priced below $1 million, which was falling since May 2017.” While inventory is increasing compared to 2018, it is still lower than years prior to 2018.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. He work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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