P.M. BRIEFING : Housing Sales and Prices Rise
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Housing prices in Los Angeles moved up slightly during October, and the pace of home sales picked up from the previous month, the Los Angeles Board of Realtors reported today.
The upturn almost wiped out the sharp drop in prices and home sales during September. However, the inventory of homes for sale remains unusually high, reflecting a cautious attitude among would-be home buyers, said J. Blair Pence II, president of the board.
The median price was $469,000, up about 2% from September. It was up 12% from the $419,000 median price of a year ago.
The average price of homes sold in the areas of the city served by the board’s members rose to $558,378 from the previous month’s $520,447, an increase of nearly $38,000, or about 7%. It was up about $76,000, or more than 15%, from a year earlier.
The average is significantly influenced by the high prices of houses in the very affluent areas of the city, Pence said. Affordable single-family housing is still widely available in many parts of Los Angeles, he said.
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