Truth matters. Community matters. Your support makes both possible. LAist is one of the few places where news remains independent and free from political and corporate influence. Stand up for truth and for LAist. Make your year-end tax-deductible gift now.
LA Housing Prices Are Rising — And The Housing Shortage Is To Blame
Median home prices in L.A. rose to almost $800,000.
The Southern California housing market is hot — some might say too hot. Home prices have risen by double digits every month for the last 11 months.
In June, the median L.A. County home price rose to almost $800,000.
HousingWire.com analyst Logan Mohtashami told KPCC's AirTalk that it's not higher demand driving home prices up but our housing shortage.
"The shortage of a home is creating people — or forcing people — to bid higher than what they want. And they can do it. Because they make money," said Mohtashami.
Mohtashami says this creates "extremely unhealthy price growth."
Beverly Hills real estate broker Taunee English said buyers gain an edge if they waive contingencies, such as relying on getting a loan to finance the purchase.
"They want to go for a loan because the interest rates are so low, but if they have to they can cash out some stock and buy the property, then finance it later on," said English.
Sponsored message
Those willing to waive appraisal and inspection contingencies are also more likely to close on a new home in this real estate market.
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
