Los Angeles housing market up $202B in past year, Zillow says

KTLA ^ | 09/26/2023 | Cameron Kiszla

[ChicagoConservative27]

Everyone knows buying a house in Los Angeles is expensive, but the numbers just released Zillow are likely still jaw-dropping to many.

In a report released Tuesday, Zillow estimated the total value of the housing market in the L.A. metro area — the sum of Zillow’s estimates for every home — is up $202 billion in the last year alone.

The area’s total value, $3.7 trillion, has seen a rapid increase since the start of the COVID-19 pandemic in 2020, rising 38% over the past three years, Zillow said.

In August 2023 alone, the median price in Los Angeles County was up 4.2%, according to the California Association of Realtors.

[ChicagoConservative27]

I have no idea how anybody can afford this

[toddausauras]

Chinese immigrants are not in short supply. They can afford it.

[entropy12]

How can anybody afford buying stocks at record high P/E levels? It is all about chasing a trend and assuming there is a greater fool who will buy it from you.

West coast is where all the rich Orientals buy properties, many times for cash, so mortgage rates do not affect them. Do you remember when Japanese investors bought Pebble Hills golf course at astronomical price?

[Paul5]

As usual it’s the new home buyers and especially the renters that suffer in these situations. Anyone that can get a mortgage after age 30 or so really has to nearly every time. It’s terrifying how much small apartments are going for in much of the country now.

[cgbg]

“Dumb money” “investors” are all in on this stuff...

Flip it.

Flip it good.....

;-)

[EQAndyBuzz]

All this means is after looking at the value of every home, which I believe is done by property tax assessments, the value has risen.

Has nothing to do with sales of homes increased.

[frank ballenger]

Does this mean Chinese Communist style politics works just fine?

And if all those decent people are evacuating to get out of there, how could this market upswing happen?

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In Los Angeles County, CA 71.0% voted Democrat in the last presidential election, 26.9% voted Republican the remaining 2.1% voted Independent. The people of the county voted Democratic in every Presidential election since 2000.
Source: bestplaces.net

[Vaduz]

Let alone the taxes on they are huge.

[DAC21]

“Chinese immigrants are not in short supply. They can afford it”

Very much the case in the east San Gabriel Valley. Cities like Walnut, Diamond Bar, Chino Hills, Hacienda Height, Rowland Heights. They are the majority. Their multi generational communal living pays the rent. That’s fine, I just wish they could drive somewhere near the speed limit.