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Housing market in LA may be seeing new hope

May 16, 2012 12:00:00 AM PDT
There may be some encouraging signs in the local housing market, with both sales and prices creeping up.

The median home price last month rose to $290,000 for all of Southern California, which is 3.6 percent higher than a year ago.

Chuck Peven has lived in his two-story home in Porter Ranch since 1970. He decided it's now time to sell and hopes it's the right time.

Real estate agents say they're seeing things they haven't seen in a while. A lot of people who want to buy, and not a lot of people who want to sell. Lori Klass is the agent for Peven's home and says interest rates a great right now.

"Interest rates are really great right now which is keeping the market hot," she said. "Also the fact that home prices are still relatively low, and when you get a quality house on the market and it's a standard sale not a foreclosure or short sale, they tend to go quicker."

The inventory of homes in the San Fernando Valley is tighter than it's been in years. Agents say when a quality home comes on the market, it often gets multiple offers.

Richard Collins is a real estate agent in Northridge. He recently put a house on the market and it sold in one day at full price.

That is certainly good news to Peven, who hopes he will have the same outcome.


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