by Jodi Summers
In case you haven’t noticed the improvements, housing is no longer bringing down the economy. Home prices across the 20 major U.S. metro markets were 12% higher in April than they were a year before, according to the S&P/Case-Shiller Home Price Index.
In California, between May 2012 – May 2013, the median price increased by 31.9% to $417,350, according to the California Association of Realtors. May marked the 15th consecutive month to post a year-over-year increase in median price, and was the largest year-over gain recorded since CAR began tracking this statistic in 1980.
In Los Angeles County unit sales declined by 2.2% over the year to May – due to constrained inventory - while the median price climbed by 29.4% to $365,990.
Santa Monica has the technology to offer more current statistics. When contrasting July 2012 to July 2013, the Median Sold Price in our City by the Sea has gone from $970,000 to $1,205,000 - a jump of $235,000, or 24%.
Authorities and pundits note that the last time prices appreciated by double digits were during the last housing bubble > leading to a discussion on whether a new bubble is beginning to inflate. 
After invigorating interplay, the experts have calculated a different conclusion. They have decided that the current pace of growth - while unsustainable for long-term market health - is not yet problematic....
For the rest of the story, visit http://www.santamonicapropertyblog.com/?p=5117
To buy and sell real estate, please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – jodi@jodisummers.com or 310.392.1211, and let us move forward together.
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