Robert Kleinhenz, chief economist at the Los Angeles County Economic Development Corp., said the report is good news for homeowners. If this guy doesn’t know what’s up…then no one does!!
Property values in Los Angeles County increased by 6.13 percent in 2015 ó the largest jump since 2010, the assessor reported on Thursday, June 16, 2015. The median price of a single-family home in L.A. County increased 7.9 percent, to $480,000 last year. The average price was $780,000.
Apartment rents increased 6.4 percent in 2014. In the city of Los Angeles, the average rent for a two-bedroom apartment last year was $2,591 per month.
The increase in property values is advantageous for those selling their homes, the assessor said.
“If you’re selling, you’re going to be able to command a better selling price,” adding that values are going up everywhere in the county.
“They’re seeing that their home values are coming back and so that’s good news for homeowners because for most households, the primary store of wealth in their portfolio for the typical homeowner is their home, particularly in Los Angeles,” Kleinhenz said.