Home prices are up 5% this year!

Working every day as a full time real estate agent on the westside of Los Angeles, I am observing a small price jump from last year of ~5% in the real estate market. With the low inventory, multiple offers are driving up prices. Obviously some properties are still getting price cuts while others sell for much much more than 5%, but my general feeling is that prices are on a 5% rise. A recent article in the LA Times http://www.latimes.com/business/money/la-fi-mo-home-prices-20121002,0,345007.story

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