Southern California home prices jumped in December, the first significant increase since June.
The median sale price in the six-county region hit $395,000 last month, a 2.6% gain from November and 22.3% over the same month a year earlier, research firm DataQuick reported Tuesday. The firm attributed the rise to fewer distressed sales and demand that has outstripped tight supply.
Speakers Series is a forum for students to interact with and learn from real estate professionals and alumni. Lunch will be held in the Lewis Hall portico from 12:00 to 12:20 pm. The speaker presentation will be held in Lewis Hall room 101, starting at approximately 12:30 pm. There is no charge for MRED students and GREA members to attend. A $5 fee is charged to all others.
You're likely to get a warm fuzzy feeling if you look at what your home is worth on Zillow, Trulia or any of the other real estate sites that provide values for millions of houses. Home prices have risen rapidly, and the value these sites assign to your home is sure to reflect that.
Rent has been steadily rising in Los Angeles County since the Great Recession. In the last year alone, apartment prices have risen by 2.6 percent to an average of $1,688 a month across the county.
Speakers Series is a forum for students to interact with and learn from real estate professionals and alumni. Lunch will be held in the Lewis Hall portico from 12:00 to 12:20 pm. The speaker presentation will be held in Lewis Hall room 101, starting at approximately 12:30 pm. There is no charge for MRED students and GREA members to attend. A $5 fee is charged to all others.
Speakers Series is a forum for students to interact with and learn from real estate professionals and alumni. Lunch will be held in the Lewis Hall portico from 12:00 to 12:20 pm. The speaker presentation will be held in Lewis Hall room 101, starting at approximately 12:30 pm. There is no charge for MRED students and GREA members to attend. A $5 fee is charged to all others.
Speakers Series is a forum for students to interact with and learn from real estate professionals and alumni. Lunch will be held in the Lewis Hall portico from 12:00 to 12:20 pm. The speaker presentation will be held in Lewis Hall room 101, starting at approximately 12:30 pm. There is no charge for MRED students and GREA members to attend. A $5 fee is charged to all others.
Gary Painter, director of research for the University of Southern California-Lusk Center for Real Estate, said that home price growth is returning to historical norms. In the past, real estate prices have typically matched the rate of inflation.
“The only time there really was a deviation from the trend line was in the 2000s, when prices went sky-high and fell down well below the trend line,” he said. “But right now we’re very close to that trend line, and that makes me feel like prices are where they should be."
Speakers Series is a forum for students to interact with and learn from real estate professionals and alumni. Lunch will be held in the Lewis Hall portico from 12:00 to 12:20 pm. The speaker presentation will be held in Lewis Hall room 101, starting at approximately 12:30 pm. There is no charge for MRED students and GREA members to attend. A $5 fee is charged to all others.
Even as the effects of the recession recede, residential development in downtown L.A. still faces challenges, said Richard Green, director of USC's Lusk Center for Real Estate. He pointed out that, unlike Manhattan, skyscrapers in California have to adhere to strict earthquake codes, and that can make construction particularly costly in downtown L.A.
“When you get done with the construction cost of a luxury building, it’s more expensive than buying a really nice house in a really nice neighborhood that’s pretty close to downtown," Green said.