Los Angeles Real Estate

The price of Los Angeles homes for sale has been on the rise for the past year. According to CNN Money, the median price of housing in the Los Angeles metro area increased 23.7% between the years of 2003 and 2004. According to the Los Angeles Housing Departments Policy and Planning Unit, the median price of homes in Los Angeles was approximately $480,000 in 2004, whereas the U.S national average sat at $264,540 in October 2004, according to Robert Longley.

The Affordable Housing Commission also offers many statistics on the state of housing in L.A. According to the Commission, in the year 2000 there were approximately 1.3 million households and 3.7 million residents with an average household income income of around $36,687.

K.C. Soll compiled several statistics reports for LA County and the West Side of LA. She claims that the average cost for a single family home in LA was $297 per square foot. Condo sales totaled approximately 25,000, the median cost of which was $325,000. These, however, were countywide statistics. Other neighborhoods in the LA metro area have a much higher price per square foot. Homes in Venice, California, however averaged about $708 per square foot.

According to K.C. Soll, the rising cost in home prices is deterring first time home buyers. Leslie Appleton-Young claims that \"steeply rising prices are preventing an increasing number of residents from buying their first home.\"

As statistics demonstrate, the price of Los Angeles homes for sale continues to rise and in turn continues to create problems for LA's first time home buyers.