City continues to thwart cooling seen in other major cities
Los Angeles continues to be largely immune to the luxury market slowdowns being felt in cities like New York, London and Dubai.
Luxury prices in the city, defined as the the top 10% of sales, picked up in the third quarter from a year earlier, rising by just over 5% to a median $5.45 million. At the same time, sales were broadly flat at 159, according to Miller Samuel and Douglas Elliman Real Estate.
In the overall market, prices were were 2.3% higher, compared to a year earlier, at a median of $1 million, while sales were 4.1% higher, at 2,803. This was the third consecutive quarter the median price remained at $1 million.
“Alongside Brooklyn, Los Angeles continues to be one of the strongest markets of the 18 that I track each quarter. The market is still very tight,” said Jonathan Miller, the chief executive of Miller Samuel and author of the report released Thursday.
“It’s softer at the top, but the top and the balance of the market are firmer and in better shape than most of the housing markets that we cover.”
Source: Mansionglobal.com Photo: Christian Science Monitor / Getty Images