Quote:
Originally Posted by TinyEvel
Was a report in the L.A. Times this morning that median home prices rose 20 percent over a year ago. Median being in Southern California, it's the price that 50 percent of homes sold are below that price, and 50 percent of homes sold are above that price (includes condos and townhomes)
The median prie was 300,000 average. this includes L.A. proper, inland empire (prices dropped) Sn Diego, Orange County (rose significantly) etc.
This 300,000 price seems like a bargain to me, as in West Los Angeles/santa monica a 3-bedroom home about 1600 square feet goes for 850K - 1.1MM.
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That does seem really cheap. I wonder if it's like Denver, though, where there are lots of sales in cheap neighborhoods that we don't see. I think Denver's median is around $200,000 or a little higher, and that's around the price of a 1-bedroom condo in my part of the city. However, you go out near the airport and there are 3-bedroom homes galore that were foreclosed on in the low $100s.