U.S. Home Prices Jumped 10.9 Percent This First Quarter!

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U.S. home prices jumped 10.9 percent in the first quarter compared with a year ago, the most since April 2006. A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover. The Standard & Poor's/Case-Shiller home price index released Tuesday also showed that all 20 cities, measured by the report, posted year-over-year gains for the third straight month.

Prices rose in 15 cities in the first quarter, increasing steadily since last summer. Rising home prices may begin to alleviate a lack of housing inventory, by encouraging more homeowners to put their properties on the market. Los Angeles has seen price increases in a range of 4.% all the way up to 46% in certain neighborhoods.  A drastic change from the prices of last year.  Now don't be fooled by the areas with the least amount of gain, these are areas like Bel Air, Beverly Hills & Brentwood that did not see drastic price drops during the market collapse.

The following list of Cities & Neighborhoods of Los Angeles show the increase over last year and the average sale price for this first quarter of 2013:

  • Bel Air                                        - average sale price - $2,547,043 up 13.7%
  • Beverly Center                           - average sale price - $976,415 up 14.3%
  • Beverly Hills                              - average sale price - $2,025,000 up 8.6%
  • Brentwood                                  - average sale price - $1,833,026 up 4.7%
  • Century City                               - average sale price - $906,235 up 41.9%
  • Downtown L.A.                          - average sale price - $498,224 up 32.8%
  • Hollywood Hills                         - average sale price - $1,206,143 up 12.3%
  • Los Feliz                                     - average sale price - $927,900 up 21.0%
  • Marina Del Ray                          - average sale price - $875,415 up 46.5%
  • Miracle Mile                               - average sale price - $802,250 up 26.2%
  • West Hollywood 90069              - average sale price - $562,500 up 26.3%
  • West Los Angeles                       - average sale price - $801,060 up 20.4%
  • Westwood                                   - average sale price - $895,192 up 10.7%
These increases may seem troublesome, however Banks have raised their credit standards since the previous housing crisis and are demanding larger down payments. In theory, these more qualified home owners should prevent a repeat of the last housing collapse. The larger down payment requirements have made it a little bitter hard for potential first-time buyers to get a mortgage.  On the flip side, more first time buyers are prepared to bring more to the table when securing a mortgage. Showing good signs of a recovering economy.

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