Post by red on Jun 28, 2006 7:42:30 GMT -8
www.sgvtribune.com/business/ci_3986820
Home prices on the rise
San Gabriel Valley fuels county surge, but sales slow
By Rodney Tanaka Staff Writer
RISING PRICES: These homes on Third Avenue between Puente the county’s median price. (Bernardo Alps / Staff)
The median home price in Los Angeles County rose slightly in the past month, driven in part by increases in the San Gabriel Valley.
But homes are staying on the market longer, according to figures released Tuesday by the California Association of Realtors.
The median home price in Los Angeles County was $568,550 in May, an increase of 13.5 percent compared to one year ago but shy of the 2005 high of $575,300 set in November. The median home price in April was $567,480.
In the past five years, the peak price from the previous year was surpassed by March. But through May, prices have not reached last year's peak, another indicator that price appreciation has slowed, said Robert Kleinhenz, deputy chief economist for the California Association of Realtors.
"One reason for the price appreciation in Los Angeles County has to do with the San Gabriel Valley," Kleinhenz said. "Many communities have a median price below the median for the Los Angeles County area. They're showing some price increases in the high teens and low 20 percent range."
Alhambra's median home price reached $507,500, a 20.1percent increase from May 2005. Hacienda Heights' median rose 29.1 percent and Pico Rivera rose 20.5 percent.
Closed escrow sales of existing, single-family
detached homes in California totaled 488,260 in May, a decrease of 21.1 percent from the 618,920 sales pace recorded in May 2005. High appreciation in the area might reflect residual figures from transactions happening two or three months ago, said James Joseph, owner of Century 21 Grisham-Joseph.
"I think you're seeing much slower appreciation as the market stabilizes," he said.
If a home has not sold in 45 to 60 days, call your Realtor for a new market evaluation, he said.
"A word of caution to sellers - the equity you think you're protecting may disappear tomorrow," Joseph said. "This is a time when unmotivated sellers should pull their properties off the market.
"If a property is marketed correctly and it hasn't sold, it's overpriced."
Home prices on the rise
San Gabriel Valley fuels county surge, but sales slow
By Rodney Tanaka Staff Writer
RISING PRICES: These homes on Third Avenue between Puente the county’s median price. (Bernardo Alps / Staff)
The median home price in Los Angeles County rose slightly in the past month, driven in part by increases in the San Gabriel Valley.
But homes are staying on the market longer, according to figures released Tuesday by the California Association of Realtors.
The median home price in Los Angeles County was $568,550 in May, an increase of 13.5 percent compared to one year ago but shy of the 2005 high of $575,300 set in November. The median home price in April was $567,480.
In the past five years, the peak price from the previous year was surpassed by March. But through May, prices have not reached last year's peak, another indicator that price appreciation has slowed, said Robert Kleinhenz, deputy chief economist for the California Association of Realtors.
"One reason for the price appreciation in Los Angeles County has to do with the San Gabriel Valley," Kleinhenz said. "Many communities have a median price below the median for the Los Angeles County area. They're showing some price increases in the high teens and low 20 percent range."
Alhambra's median home price reached $507,500, a 20.1percent increase from May 2005. Hacienda Heights' median rose 29.1 percent and Pico Rivera rose 20.5 percent.
Closed escrow sales of existing, single-family
detached homes in California totaled 488,260 in May, a decrease of 21.1 percent from the 618,920 sales pace recorded in May 2005. High appreciation in the area might reflect residual figures from transactions happening two or three months ago, said James Joseph, owner of Century 21 Grisham-Joseph.
"I think you're seeing much slower appreciation as the market stabilizes," he said.
If a home has not sold in 45 to 60 days, call your Realtor for a new market evaluation, he said.
"A word of caution to sellers - the equity you think you're protecting may disappear tomorrow," Joseph said. "This is a time when unmotivated sellers should pull their properties off the market.
"If a property is marketed correctly and it hasn't sold, it's overpriced."