I think that the turn has occurred by another metric. The media is doing articles on how surprised they are that their prognostications of a total collapse were wrong. Now we are seeing a flurry of isn’t this amazing the market is holding up stories.
With home sales skidding even with the median price up to a gravity-defying $583,000, it’s hard to believe the Los Angeles real estate market is stabilizing. But while home sales are down sharply from last year’s hyperventilating pace, the sales rate in November would be right about the average if you look back over the past 18 years, says John Karevoll, an analyst at DataQuick Information Systems.Prices, which continue to inch upward, have stunned nearly every market watcher. “It’s astonishing,” says Karevoll, who still expects prices to decline 1% to 2% in the next three to six months.
“L.A. is big, and it has a huge housing stock,” he says. “There are all kinds of categories: new, old, big, small, cheap, expensive. It’s like turning a supertanker; it turns slowly and moves incrementally.” via USA Today
No related posts.
{ 3 comments… read them below or add one }
I sold my condo in LA during the fall of 2004 and have been tracking the sales prices since. The prices just keep going up. A unit sold last month for 100K more than what I sold for and I sold for 3x what I paid for it after 4 years. After I sold I put a deposit on another condo which I backed out of and that one also keeps going up. These are low end condos and it looks like the market for those are still very good. The main difference is it won’t sell in 2 days.
market is so unpridictable that what happen next can not be calculated easily…
Every city is different, each zip code within the city is differnt.