REAL ESTATE NEWS...Tight inventory reins in hot LA housing market

The housing market in Los Angeles is booming right now – but it’s being held back by tight inventory.

Sales are up across Southern California, and especially in LA, according to CoreLogic. Home sales in LA rose 12.5% in March from the year prior, according to CoreLogic, and the median home price rose 9.5% to $476,500.

However, sales could be up even more if inventory wasn’t so tight.

“Sales have been hampered by low inventory, especially in the lower price ranges, rising prices and lingering credit hurdles,” said CoreLogic analyst Andrew LePage. “Price gains over the past two years could trigger substantially more inventory in the months ahead, and that could support higher sales and tame home price appreciation.”

The supply of homes for sale last month was the same as March 2014, and was actually down dramatically from February.  That’s unusual; in most cases, the spring buying season means more listings.

But that might be changing slowly, as high prices entice more sellers into the market, according to the Times. Los Angeles real estate agent Jaisa Bishop told the paper that she’s seeing more inventory coming up for sale now.

“It’s still crazy, it’s still super heated – but it’s tempered a bit,” Bishop told the Times.

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