Take Two for May 13, 2013

LA's housing market tightens as number of available homes drops

Home Sales 01

Christopher Okula/KPCC

A home for sale in Central Los Angeles.

A friend of Tess Vigeland's who works in real estate here in Pasadena posted a chart recently that caught her eye. It compared the numbers of single-family homes for sale this month in eight foothill communities to the number for sale in May of last year.

In Pasadena, for example, 326 homes were on the market this time last year. Today? 130.

In Highland Park last year, 65 homes were on the market. Today? 29.

Arcadia last year, 171. Today, 66.

That seems a lot like a comeback for the housing market, but does it reflect the LA market overall? We'll check in again with Chris Thornberg of Beacon Economics to get some answers.

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