Introduction: What is the Best L.A. Housing Market and Why is it Important?
One of the fundamental elements in any market is its housing. This is true for all types of markets, whether it be real estate, agriculture, or even manufacturing–all require a good housing market. The Los Angeles, California housing market covers a lot of areas that are important to take into account when evaluating the state and potential future health of the area’s economy. The Los Angeles housing market is one of the largest in the world and because of that size, it is important to take a look at all the different points of view concerning new construction, prices of existing homes, and vacancies. This article will examine much of the information that can be gleaned from the current Los Angeles housing market and then will attempt to answer some of the questions surrounding this area.
The first question we need to ask is whether or not the housing market in Los Angeles is doing well. A good way to determine this would be to ask what was the median price for an existing home in Los Angeles over a period of time. According to the Housing Information Center in Southern California, the median price was $330,000 in December of 2007 and that is a 1.31 percent increase over 2006.