DataMarkets & Economy

LA luxury home sales continue to climb

Demand for luxury housing was met in Brentwood, report says
  • The luxury housing market in Los Angeles saw a 5 percent increase in home sales to 432 from January to June in 2016.
  • Brentwood was the most active neighborhood, with 37 luxury home sales, which was a 16 percent annual increase.
  • The average sold price for a home was led by Bel Air-Holmby Hills, which was $9,752,638.

Brentwood, Los Angeles/Flickr user Slices of Light The luxury housing market in Southern California continues to venture forward in the second quarter of the year with modest annual gains. According to Sotheby's International Realty's Greater Los Angeles Market Report, overall luxury home sales increased 5 percent annually in the first half of 2016. Between January and June, 432 homes sold, which is 20 more than the first half of 2015. Luxury homes are considered to be homes sold for more than $3 million. During the same period, Brentwood saw a 16 percent increase in the number of homes sold in that period compared with the same quarter last year. There were 37 home sales, compared to 32 the previous year. “Brentwood continues to dominate the local luxury market as more inventory becomes available to meet growing demand for luxury homes,” Frank Symons, executive vice president and chief operating officer of Sotheby’s International Realty's western region, said...