Traditionally, the summer season is one of the strongest periods of home sales in Los Angeles – and this year has been no exception. The most recently available figures indicate that 23,262 homes were sold in Southern California in the month of June (granted, the figure represents the entire region, as opposed to solely the city of Los Angeles). Experts attribute the gain to the sales of high-end homes within Southern California’s six counties, noting that fewer than half the sales were on foreclosure properties (a phenomenon witnessed only one other time since the burst of the real estate bubble nearly two years ago).

Again, this data relates to Southern California as a whole; but there is news related exclusively to L.A., and it may come as a surprise. It seems that price declines have all but halted in the City of Angels, as a 6.6% month-over-month price increase was reported on Los Angeles real estate listings in June. According to reports, this is the first significant increase in two years. Strong sales are also indicated by the inventory: 44,024, to be exact, with multiple offers occurring on many of the properties. The median price of a home in Los Angeles County is currently $320,000; when compared with the 2007 peak of $505,000, this is quite astonishing. Is it a good time to buy? With prices on this slow but steady rise, it may be smart to act early.