This craftsman in Eagle Rock, listed for sale for $949,000, sold in November for $1.285 million -- after only 33 days on the market. | Photo by The MLS.com

NELA Real Estate: Rising supply meets bottomless demand, boosting prices

By Jeffery Marino
Residential real estate in Northeast Los Angeles is a seller’s market like no other.

In November, the latest month with full sales data, both the number of homes for sale and the number of homes sold increased in NELA. Inventory rose by 7% year-over-year, boosted by a 34% increase in new monthly listings, while sales increased by 8% year-over-year. It was the third month in a row of rising inventory and sales.

And yet, through it all, home prices just kept climbing.

What’s going on? Click to know.

Continue Reading