Los Angeles home prices rise in high-end areas

on Feb 19, 2015

Home prices in high-end Los Angeles neighborhoods increased in the fourth quarter, Bloomberg reported today, citing data from brokerage Douglas Elliman Real Estate and appraiser Miller Samuel. According to the firms’ findings, in areas including downtown Los Angeles and the Westside, the median price of single-family homes and condominiums was $885,000 in the final three months of the year, up 7.3 percent from a year earlier and 0.7 percent from the previous quarter.

In the Beverly Hills post office area prices climbed 37 percent year-on-year to $2.6 million, and in Santa Monica they gained 21 percent to $2.19 million. Beverly Hills had the highest median price for single-family homes in the fourth quarter, at $3.55 million. This, however was 36 percent down from a year earlier. Prices also fell year-on-year in Malibu, with a 4.8 percent decline to a median $2.47 million, and in the Bel Air and Holmby Hills districts, where they dropped 22 percent to $1.75 million. According to the report, Los Angeles’s high-cost areas had mixed results last quarter due to the tight inventory of homes for sale.
Jonathan Miller, president of Miller Samuel, told Bloomberg: “It’s what we’re seeing in Manhattan and in high-end housing markets across the country. There’s been this general shift toward higher-end real estate, less dependent on financing.”

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