echo park real estate listing

Los Angeles home prices on the rise, but not for long

Home prices in the major metros of the U.S. are still on the rise, with average home prices now looking like its spring 2004 level. In the past year, Los Angeles home prices have gone up 19.2% according to the S&P/Case-Shiller index, while the CAR cites a 31.7% year-over-year price increase, and Trulia a 37.5% increase (wow!).

The major factors contributing to the rise in home prices, especially when it comes to real estate in Los Angeles areas like Echo Park and Silver Lake, are a lack of inventory. Also, interest rates continue to stay at historic lows, even though mortgage rates have recently gone up.

The rise in home prices in Los Angeles is slowing down – from April to May this year, the data shows a price increase of only 2.6%, as opposed to a 3.4% gain from March to April. Mortgage rates are on the rise, and we do expect to see a trickling of homes coming on the market as home values and prices appreciate. Because demand is high, these factors make now a perfect time to consider selling in the Northeast Los Angeles area.

Whether you’re looking to buy or sell, now is a perfect time. Give me a call today!

Foreclosure activity in California dropped dramatically

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home-judicial

Big news for California real estate numbers: Foreclosure activity in the state has hit an all-time low since the last housing boom.

During the first quarter of this year, only 18,567 mortgage default notices were filed – that’s 51.4% down from Q4 of 2012, and 67% down from the same time last year. The drop is being attributed to recent regulations placed on foreclosure activity – particular the Homeowner Bill of Rights that took effect on January 1.

DataQuick expects that foreclosure activity will pick up slightly once lenders adjust to these new policies.

Interested in Echo Park real estate or purchasing a home in other Northeast Los Angeles neighborhoods? Contact me today!!

Average price of California homes increase in March

California home prices have increased for the first time in 16 months, according to Los Angeles-based California Association of Realtors. Yesterday we took a look at average prices for the Northeast Area in Los Angeles, which includes an average of $435,500 for a single family home. The California average, however, jumped to $291,080 - a 9.2 percent gain from February, the largest monthly increase since March 2004. Tight inventory seems to contribute to the price jump.

The average number of days on the market for California homes also went from 57 days in March to 53.1 days.