Zillow study shows LA income needed for a typical home rose from 2020 to 2024. Data reveals a staggering 48% increase from 2020 to 2024, pushing the required income to a significant $454,296.
Experts predict a 23% rise in single-family home sales in California, addressing housing supply challenges. Supply constraints persist with California facing a 2.5M housing unit shortfall and limited single-family building permits.
A proposed settlement in a massive antitrust case against Realtors is set to change the home selling process and how agents are compensated. The impact of the $418 million deal is uncertain, with questions arising about changes in agent payment, buyer-broker agreements, and potential lower commissions and home prices. Continue to full article
CalHFA allows financing up to 96.5% of the home's purchase price with low down payment and lenient credit requirements. CalHFA assistance programs: – MyHome: Provides up to 3.5% deferred-payment junior loan – School Program: Aids K-12 teachers – ECTP: Assists teachers with down payment
Security deposits: – Limited to one month's rent for most housing providers (AB 12). Accessible units: – Local rent control jurisdictions can require accessible units for disabled tenants (AB 1620).
The Los Angeles County Board of Supervisors approved regulations for short-term rentals in unincorporated areas. Hosts with Airbnb or VRBO must register and pay a $914 annual fee. Restrictions include limiting rentals to primary residences, controlling guest numbers, length of stay, and event types. The regulations aim to balance homeowner rights and housing preservation. Continue to full article
LA County supervisors approved new rules for short-term rentals in unincorporated areas. Hosts with Airbnb or VRBO must register annually and pay a $914 fee. Rentals limited to primary residences, with restrictions on guests, stay length, and events. Regulations aim to balance housing availability and neighborhood quality. Fees cover program costs. Regulations apply only to unincorporated areas. Continue to full article
Late-Fall 2023 Median Home Prices: Median price rises across Southern California by 5.1%. County-wise Median Prices (2024): Orange County leads with $1.1 million, followed by Los Angeles, San Diego, Ventura, Riverside, and San Bernardino.
Tax Relief Eligibility: Property damaged by calamity may qualify for tax relief. Proposition 19 Transfer: Allows tax base transfer for substantially damaged properties.