LA's housing market tightens as number of available homes drops
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There are a lot fewer homes on the market in Los Angeles today than there were just a year ago. Are we heading toward a mini-bubble?
A friend of Tess Vigeland's who works in real estate here in Pasadena posted a chart recently that caught her eye. It compared the numbers of single-family homes for sale this month in eight foothill communities to the number for sale in May of last year.
In Pasadena, for example, 326 homes were on the market this time last year. Today? 130.
In Highland Park last year, 65 homes were on the market. Today? 29.
Arcadia last year, 171. Today, 66.
That seems a lot like a comeback for the housing market, but does it reflect the LA market overall? We'll check in again with Chris Thornberg of Beacon Economics to get some answers.