In June 2023, the median listing home price in Los Angeles, CA was $1.2M, trending up 19% year-over-year. The median listing home price per square foot was $715. The median home sold price was $959K."
The average rent for an apartment in Los Angeles is $2,781. The cost of rent varies depending on several factors, including location, size, and quality. Average ...
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There is no defense L.A. housing policies or zoning. They are a standing economic impediment for the middle-class, and a grievous injury to lower classes.
The pitiful few affordable housing units built are but spit-wads against a battleship.
Universal de-control or radical up-zoning would boost land values?
But current policies have resulted in stratospheric house prices and income-eating rents.
We know what failure is; it is what is happening now.
I think there needs to be a distinction between the home resale market and the new home market, which he doesn't make. I don't think we should care that much about the resale market. Redfin revenues are mostly dependent on the resale market, I would guess, so I can understand his focus. But the new home market clearly has not been particularly affected by high rates.
Well, I think the rise in rates mostly creates transactional frictions. So there has been a decline in brokerage and dealer activity. But it didn't have that much of an effect on demand for housing, so prices of existing homes has remained relatively stable and construction of new homes remains basically at capacity.
"Los Angeles, CA Housing Market
In June 2023, the median listing home price in Los Angeles, CA was $1.2M, trending up 19% year-over-year. The median listing home price per square foot was $715. The median home sold price was $959K."
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Los Angeles, CA Rental Market Trends
RentCafe
https://www.rentcafe.com › average-rent-market-trends
The average rent for an apartment in Los Angeles is $2,781. The cost of rent varies depending on several factors, including location, size, and quality. Average ...
---30---
There is no defense L.A. housing policies or zoning. They are a standing economic impediment for the middle-class, and a grievous injury to lower classes.
The pitiful few affordable housing units built are but spit-wads against a battleship.
Universal de-control or radical up-zoning would boost land values?
But current policies have resulted in stratospheric house prices and income-eating rents.
We know what failure is; it is what is happening now.
https://www.foxbusiness.com/economy/us-housing-affordability-at-an-all-time-low
Expensive housing probably plays a role in social stresses.
I think there needs to be a distinction between the home resale market and the new home market, which he doesn't make. I don't think we should care that much about the resale market. Redfin revenues are mostly dependent on the resale market, I would guess, so I can understand his focus. But the new home market clearly has not been particularly affected by high rates.
Not sure I follow you. You mean mortgage rates and supply?
Right, supply is so tight almost nothing can stop building where it is allowed.
But for affordability, most people rent or buy used houses.
Well, I think the rise in rates mostly creates transactional frictions. So there has been a decline in brokerage and dealer activity. But it didn't have that much of an effect on demand for housing, so prices of existing homes has remained relatively stable and construction of new homes remains basically at capacity.