LA Market Watch!
While Adele purchased a $9.5m estate in Beverly Hills, first and second time home buyers in the six-county Los Angeles region faced a 6.8% price increase. Los Angeles rents are expected to continue to increase an average of 8.3% through 2018.
The Share of Million Dollar Homes in LA has doubled since 2012 - Source: LA Curbed, May 2016
Housing prices across Los Angeles are rising and way out of reach for many Angelenos, but, looking at it another way, at least there are more homes to choose from for the person whose budget is over a million dollars, right? The share of million-dollar homes in the LA metro has doubled in the last four years, shows a new report out from Trulia. In 2012, these homes made up 8 percent of LA's market; in 2016, they made up 16.3 percent. Of the 100 biggest metros in the country, LA's rise in pricey homes put it in fifth place, behind three Bay Area metros and Orange County.
Looking at Ventura, Orange, and LA counties, the five neighborhoods that saw the biggest increases in million-dollar homes were all in LA County—in the South Bay, Glendale, and Central LA. (Both the Torrance neighborhoods on the list "sit on or near the border of the ocean-side town of Redondo Beach.")
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