February brought a sliver of good news to the Los Angeles County housing market.
Sales rose compared with the same month last year as buyers appeared more confident that the market is bottoming out. However, the county median price fell, and fewer homes were on the market given the low prices.
There were 4,074 homes sold, an increase of 7 percent versus last February, but listings fell 29 percent to 14,283, according to Redfin, a Seattle real estate firm and data provider. The median price fell 5 percent year over year to $308,000.
The nascent recovery was uneven, too, with high desert neighborhoods – where investors have swooped in to grab homes for rentals until prices rise – seeing the most action, while more pricey neighborhoods saw less. There were 90 homes sold in Lancaster’s 93535 ZIP code, but not one in Santa Monica’s 90403 ZIP code.
Kameron Eliassian, a Redfin real estate agent in West Los Angeles, said that the low inventory in better neighborhoods is leading to multiple bids, a sign of a turnaround. Indeed, ZIP codes in Brentwood and Venice saw the biggest price gains countywide.
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