Planning to acquire real estate in Los Angeles? Now this is not the best time.
The cost of houses in the district has almost reached the high recorded in August 2007 before the global financial crisis. Property prices close to record levels after a sharp jump in March.
In just one month the average price of a home jumped by as much as 5%, an increase from $525 to $549 thousand. The price increase is due to increased demand for property both in Los Angeles and southern California sales surge in February-March was the biggest for the last 12 years. In particular, real estate in the County of Los Angeles got about 7 266 buyers is 50% more than in February and 9.7% more than in March last year.
However, too early to sound the alarm. The price hike may well be a temporary trend fueled with a range of random factors. So, in February, the Los Angeles realtors managed to sell the most expensive item, more than half of houses sold for $1 million and above. In March, the trade progressed at a record pace — in most cases in search of clients took up to 30 days. Such increased demand may not be permanent — as soon as he gets back to normal levels, prices will cease to crawl over.
