Metropolitan Statistical Area (MSA):
Los Angeles-Long Beach-Anaheim, CA is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Los Angeles-Long Beach-Anaheim, CA metropolitan statistical area (MSA) is one of the hottest housing markets in the country. Home prices have been on the rise for several years, and there is no end in sight. The combination of strong job growth, low interest rates, and limited supply of homes for sale is driving up prices and making it difficult for many buyers to find affordable homes.
The median home price in the MSA was $530,000 in 2017, up 7.3% from 2016. This is far above the national median home price of $279,000. Prices are expected to continue to rise in 2018 as demand remains strong. The number of homes for sale has been declining for several years due to a combination of factors including limited new construction and homeowners choosing to stay put rather than sell in a hot market. This lack of inventory is causing bidding wars and driving up prices even further.
The MSA is expected to see strong economic growth in 2018, which will only add to the demand for housing. The region’s unemployment rate was 4%, well below the national average of 4.4%, in December 2017. And, employers are projected to add nearly 90,000 jobs this year. With more people working and incomes rising, more people will be looking to buy homes or upgrade their current residences.
If you’re thinking about buying a home in the MSA, you need to be prepared for competition and be willing to pay a premium price. Working with a knowledgeable real estate agent who understands current market conditions can give you an edge over other buyers who are not as informed about what’s happening in the market place today