According to the LA Times, home sales in the six-county Southland fell 2.7% in February from a year earlier, according to figures out Tuesday from CoreLogic DataQuick; it was the 15th time in 17 months that sales have fallen. Although the region's median sale price of $415,000 was up 8.4% compared with February 2013, it has been basically flat since last summer, when it plateaued as many buyers hit a ceiling for what they could afford. Affordability seems to be hitting many first time buyers as the prices of homes continue to rise.
Local inventory is showing signs of life as the housing stock has increased and home prices continue to show strength. Overall most areas saw a hefty increase in average sales price.
Here are some local number's, home prices for December-February 2016 vs. same period last year:
Glendale + 10.3%
Burbank + 12.4%
Toluca Lake + 23.9%
Pasadena - 9.8%
Studio City + 24.8%
Hollywood Hills + 2.2%
Valley Village + 18.8%
Sherman Oaks + 24.2%
Please let me know of any questions that I may help with or if I can provide you with specific information regarding your home!
Weekly mortgage rates:
| 30 yr. fixed rate | 3.73 |  0.05
|
| 15 yr. fixed rate | 2.99 | 0.03
|
| 5 yr. adjustable rate | 2.93 | 0.01
|
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