Housing prices have continued to increase in Los Angeles County, despite a drop in home sales activity. New research from Yardi’s Property Shark shows that home sales in the market decreased 21% in the first half of the year, but home prices during the same quarter increased 4%.
“There are numerous factors that are driving up home prices,” Andrea Popescu of Property Shark tells GlobeSt.com. “One of them is related to interest rates on home loans that have fallen significantly, while some other aspect would refer to the increasing desire for more home space. In this regard, we noticed a slight uptick at 1% in the median square footage of homes sold in the first half of 2020, compared to the same period of 2019. The median square footage of homes sold in H1 2020 was 1,462 square feet, while in H1 2019 it was 1,452 square feet.”