Los Angeles Real Estate Sales Statistics - June 2009
Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.
Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. "Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions," he said. "Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy."
Let's take a look at Los Angeles real estate sales statistics for June 2009 compared to June 2008:
Caution: In all of these neighborhoods, housing quality and size, as well as lot size, vary greatly. Therefore, the highest and lowest sold prices often reflect which particular houses sold and are not generally indicative of an increase or decrease in overall value. So I caution against reading too much into the following statistics:
Beverly Hills Real Estate Sales Statistics - Single Family Homes
| Beverly Hills | Sold Listings | Low Price | Median Price | High Price |
| June 2009 | 13 | $1,225,000 | $3,425,000 | $7,800,000 |
| June 2008 | 20 | $1,305,000 |
$3,300,000 |
$23,000,000 |
Beverly Hills Post Office Real Estate Sales Statistics - Single Family Homes
| Beverly Hills Post Office |
Sold Listings | Low Price | Median Price | High Price |
| June 2009 | 14 | $832,000 | $1,275,000 | $5,650,000 |
| June 2008 | 12 | $940,000 |
$2,478,500 |
$5,200,000 |
Bel Air Real Estate Sales Statistics - Single Family Homes
| Bel Air | Sold Listings | Low Price | Median Price | High Price |
| June 2009 | 6 | $740,000 | $3,057,250 | $7,400,000 |
| June 2008 | 13 | $650,000 |
$2,050,000 |
$9,500,000 |
Hollywood Hills East Real Estate Sales Statistics - Single Family Homes
| Hollywood Hills East |
Sold Listings | Low Price | Median Price | High Price |
| June 2009 | 11 | $535,000 | $849,000 | $2,210,000 |
| June 2008 | 3 | $899,000 |
$1,100,000 |
$2,561,000 |
Hollywood Hills West Real Estate Sales Statistics - Single Family Homes
| Hollywood Hills West |
Sold Listings | Low Price | Median Price | High Price |
| June 2009 | 31 | $315,000 | $1,130,000 | $3,800,000 |
| June 2008 | 18 | $732,500 |
$1,580,000 |
$7,175,000 |
West Hollywood Real Estate Sales Statistics - Single Family Homes
| West Hollywood |
Sold Listings | Low Price | Median Price | High Price |
| June 2009 | 8 | $700,000 | $915,500 | $1,350,000 |
| June 2008 | 4 | $795,000 |
$1,100,000 |
$1,830,000 |
With prices continuing to moderate paired with historically low interest rates and an $8,000 tax credit for first time home buyers, Los Angeles real estate is a great buy.
