Recent data from real estate data and analytics experts CoreLogic.com, reveal that LA homes are currently valued at around $ 715,000 – with prices to hit $800,000 by August 2016.

The United States census reports that as of 2014, the median sales price of new homes in the country is $282,800 – making Los Angeles home prices almost three times as high.

Home features

The city’s median list price is estimated to be $575,000 as of February 2015. The median sale price, on the other hand, is at $542,000 for the same month and $655,000 as of August 2015. Figures are up 11% from last year’s August median of $590,000.

With that amount, you can already afford a home with features like:

• Remodeled chef’s kitchens
• Formal dining rooms
• Spacious living rooms with fireplaces
• Relaxing front porches
• Private backyards with wood patios and sparkling pools
• Three en suite bedrooms with plenty of natural light

Increase in home sales

Although January 2015 home sales decreased by 3.6% compared to the same period last year, the impressive August 2015 figures more than make up for the loss, with a total of 7,328 homes sold in Los Angeles County, a 54.66% increase in just 8 months.

“The Southern California housing market has experienced a robust spring and summer this year, with sales hitting multi-year highs,” Andrew Khouri of the Los Angeles Times reports.

“Sales have been up nationally too, as sustained job growth has given more families the confidence to buy homes. It’s unclear, however, what effect the recent stock market drop will have on that confidence.”

Contact Leo Nordine today at (323) 357.9732 and get the latest and the best of what Los Angeles has to offer.