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Demand surges in LA

5 Nov 2012 9:31 AM
Demand surges in LA

Although it was hit hard by the housing collapse of the mid-2000s, the Southern California housing market has made steady gains throughout the summer and into the fall, according to the National Association of Realtors. Propelled by diminishing inventories and surging demand, metro areas like Los Angeles are currently in the midst of a period of home-price appreciation.

According to AOL Real Estate, Los Angeles tops the list of regions trending upward in home values. With a third-quarter median home price of nearly $400,000, the source reports that LA is taking great strides toward recovering its footing. This represents an increase of 3.5 percent between the beginning of 2012 and the current quarter.

Luxury homes in the area have been especially affected by the recent price surges, The Los Angeles Times reports. With inventories shrinking, buyers started purchasing more high-end homes due to the increasing competition, according to the source.

"There's growing evidence prices have crept up in areas where more demand has met a shrinking number of homes for sale," DataQuick President John Walsh told the news source.

Despite being dampened by the recession, demand for highly desirable Southern California properties has been growing in the last few months, and it may be a great time to find one of the elegant, top-shelf homes in the area.