The
median
home
price
hit
$506,000
in Los
Angeles
County
in March
2006,
climbing
above
the half
million
dollar
mark for
the
first
time in
history.
That
figure
is
double
what the
median
price
for the
area was
just
four
years
ago.
The good
news for
prospective
homebuyers
in other
areas of
the
country
is that
a half
million
dollars
can
still
buy
quite a
bit of
home in
much of
the rest
of the
United
States.
For
instance,
even
though
Central
Oregon
is
experiencing
a
considerable
rise in
both
population
and home
prices,
the
median
price is
lower
than LA
County,
although
still
higher
than a
significant
number
of other
areas of
the
country.
For
instance,
the
median
price
for a
home in
Bend
rose
more
than 30%
in 2005,
to
$327,500.
Another
Central
Oregon
town,
Madras,
saw a
187%
increase
in the
number
of home
sales in
the
first
quarter
of 2006.
The
major
force
driving
the boom
in
Oregon
home
prices,
as well
in
Southwestern
states
and the
Pacific
Northwest,
is an
influx
of
Californians
who are
selling
their
more
expensive
homes
and
moving
to areas
where
they can
typically
purchase
more
house
for less
money.
Another
factor
is that
with
increasing
values,
many
local
homeowners
are
cashing
in the
equity
of their
homes
and
trading
up to
more
expensive
ones.
Another
area
that is
growing
significantly
is San
Antonio,
Texas,
where
the
median
price of
a home
rose
more
than 9%
over the
past
year to
$131,900.
San
Antonio's
real
estate
market
mirrored
that of
LA
County,
however,
with few
sales,
even
though
prices
were
higher
overall.
There is
also a
considerable
amount
of new
home
construction
taking
place in
that
area, as
well.
Some
areas of
California
are
booming
as a
result
of
skyrocketing
prices
in
Southern
California.
One of
the
busiest
is the
area
that
includes
Riverside,
Ontario,
and San
Bernardino,
which
has seen
an
unprecedented
increase
of new
residents
from
2000 to
2004, of
which
and
estimated
46,000
were
transplants
from the
Los
Angeles
metro
area.
In the
southeastern
United
States,
Florida
also
continues
to grow
at a
brisk
pace,
fueled
in large
part by
an
influx
of
former
residents
of the
greater
New York
City
area. In
fact, an
estimated
41,500
people
moved
from
that
area to
Orlando,
Miami,
and
Tampa in
2004.
One
reason
the area
is
experiencing
such
rapid
growth
is
employment
opportunities.
The
area's
employment
scene
was once
dominated
by
Disney
World,
but
that's
no
longer
the case.
Copyright
© 2006
Jeanette
J.
Fisher
