Los Angeles Weighted Average New Home Prices Rebound in Third Quarter, 2007
Los Angeles, California- After falling for three consecutive quarters, the weighted average price in the Los Angeles County detached new home sector rebounded by more than 13 percent this quarter to $872,026. Weighted average detached home sizes increased by nearly 12 percent to 2,548 square feet reversing a three quarter decline. According to Marketpointe Realty Advisors, Inc. ResidentialTrends publication, these price and size increases caused the value ratio to increase as well, although by less than 2 percent, to roughly $342 per square foot.
Overall weighted average new home prices in the Los Angeles region increased by nearly 3 percent from the second quarter to $625,569.
In the attached sector, weighted average prices increased by slightly more than 1 percent to $577,090. The weighted average home size increased for the second consecutive quarter to 1,268 square feet, up over 2 percent from last quarter. Due to the larger increase in weighted average home size compared to the increase in weighted average price, the average value ratio actually declined this quarter to $455 per square foot.
MarketPointe Realty Advisors ResidentialTrends is a quarterly publication, and is considered the most comprehensive and detailed audit of new residential activity throughout Southern California, from an unbiased, yet knowledgeable source. MarketPointe Realty Advisors provides new home statistics and available land information and real estate consulting services. For a complete Housing Market Overview on a specific development region contact the nearest office, San Diego at 619-233-3781, Orange County at 714-528-2554, website is www.marketpointe.com.
- Contact Information
- Russell Valone, II
- MarketPointe Realty Advisors
- Contact via E-mail
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.