The prices of homes in the metro area of Los Angles are rising rapidly, as people are choosing to stay put.
The median price of a home in the area is $1,853,908, according to the latest Census data.
That’s up 25% from the same time last year, when the median was $1-1,769,979.
There are lots of reasons why this is happening, according a report by real estate consulting firm Zillow.
Los Angeles is getting more affordable, but there’s also a lot more people moving to the area.
There’s also been a dramatic drop in the number of homeownership permits issued.
According to Zillows report, the number dropped by more than 9% from 2014 to 2015.
“In the last five years, we have seen a lot of migration from Los Angeles County to the surrounding cities, especially San Diego County, to live closer to work and to the city,” said Kevin Durbin, CEO of Zillower, in a statement.
The trend is especially noticeable in the Southland, where home prices have been going up for years. “
When we look at what’s going on across the metro, we can see that there is a very strong correlation between home values and the number and type of homes being sold.”
The trend is especially noticeable in the Southland, where home prices have been going up for years.
Zillowers numbers show that in the past 10 years, Southland homes have increased by about 25%.
That is up from a 3% increase in the previous decade.
Zestel, a real estate brokerage, has been tracking homes in Southland for a decade.
“The Southland has seen tremendous growth in home values,” said Zestell, adding that a number of factors are driving this growth, including the influx of young professionals moving to Southern California, and the influx from Mexico.
The trend of home prices going up in the region is likely due to the fact that the region has been hit with a massive influx of immigrants from Mexico, as well as a decrease in the supply of affordable housing due to a lack of construction jobs.
“A lot of the jobs that people are getting are in construction,” Durbine said.
The real estate market in Los Angeles has been improving, but the numbers are not sustainable, and that’s going to affect affordability in the future.
The average home value in the Metro Area of Los Angeles is $5,091,624, according the latest data from ZillOW.
That means a home that sells for $5 million in today’s prices could sell for $10 million or more in 10 years.
This is expected to continue to accelerate, as prices rise even further.