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Community Corner

Southland Home Prices and Sales Soar in April

This article was posted by Karen Jordan. It was reported and written by Saul Daniels.

Southland home prices hit their highest level in 58 months during April, and sales soared to their highest level for that month in seven years, the Daily News reports.

"This is definitely good news. The bump up in sales is probably the most significant piece of information that comes out of this," said Robert Kleinhenz, chief economist at the Kyser Center for Economic Research at the Los Angeles County Economic Development Corp. "I think this is shaping up to be a good year for the L.A.-area housing market," he told the newspaper.

During April, sales increased 9.5 percent to 21,425 properties in the six-county region, from 19,562 a year earlier, La Jolla-based market tracker DataQuick reported. 

There is a "shortage of inventory on prime properties," said Linda Black, associate manager of Coldwell Banker Residential Brokerage in Marina del Rey and Venice. These days, people are also paying up to five percent over the asking price, according to Black.

"Everything's in multiple offers," Black said. "I can't keep inventory."

On a year-over-year basis, prices have increased for 13 consecutive months, and those gains have been double digit, between 10.8 percent and 23.5 percent, since this past August, the Daily News reported.

You can read the entire story here.

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