County home prices were up slightly in April after more than 1.5 years of declines, according to the California Association of Realtors. Arcadia's median home price was $689,090 in April, down 8% from a year ago. A chart shows figures from other local cities.
California home prices continue to increase. Chart shows the change in median home prices from March 2004 to March 2005. The median home price in Arcadia went up 7.5% in the last year.
California home sales are growing as values fall. A chart of October's median home prices gives a picture of the local real estate landscape. Arcadia's median home price in October, 2008 was $697,500, down 12.1% from the median price of $793,500 in October, 2007.
Arcadia's median home price dropped to $719,000, down 3.2% in June 2009 from June 2008. A chart shows June median home prices in San Gabriel Valley areas.
Home sales rise sharply in February with a 69.3% increase in sales in Los Angeles County over the same period a year ago. People are buying up foreclosed homes as prices drop in the San Gabriel Valley. Arcadia home prices came down 6.6%, whereas Azusa's home prices fell 45.3%. The median price of a single family home in the county was $298,000 in February, compared with $465,000 last year. Arcadia's median home price was the highest in the San Gabriel Valley, at $635,000. A chart of February median home prices is shown.
Median home prices in California surged to a record $305,940 in March, up 19 percent from last year. In Arcadia, prices averaged $355,000, up 9.2 percent.
Home prices in California have dropped almost 42% from a year ago, November, as a glut of foreclosed homes drove first-home buyers to buy on the bottom end. Statewide, a single-family home cost a median price of $285,680. In Los Angeles County, the San Gabriel Valley housing market is in bad shape. According to the California Association of Realtors, prices around the San Gabriel Valley ranged from lows of $256,000 in La Puente to highs of $692,500 in Arcadia, which saw a slight drop of only 4.8%, compared to last year.
San Gabriel Valley home values went up in May, the third month in a row in which median home prices rose across the state. Arcadia had the highest median price at $700,000. A chart compares SGV cities.
As median home prices dip throughout Southern California, many local homes are being foreclosed. In 2007, there were 215 foreclosure filings in Arcadia. See chart for figures on surrounding areas.
Unemployment in Los Angeles County hit 8.9% in November, almost double from a year ago. Some San Gabriel Valley cities top that as firms continue to cut jobs, freeze positions and go out of business. Arcadia's unemployment is at 4.9% or 1400 unemployed. A chart shows other cities and state figures.
Many San Gabriel Valley cities are seeing an increase in property tax revenues in the 2009-2010 fiscal year, namely San Marino, Arcadia, Bradbury, Alhambra and South Pasadena. Arcadia's property tax revenue is expected to be $3,359,282.80 compared to $3,294,314.77 in 2008-2009. Other cities' figures are given. In the average city, property taxes make up 11% of the city budget.
In this ailing economy, San Gabriel Valley property values have dropped significantly, as reflected in the county's home assessments. The county property roll is at $1.1 trillion, a nearly 1% decrease compared to 2008. Homeowners will have smaller tax bills but cities are having to reduce services and employees as they lose businesses, sales tax revenue, and property tax revenue. See a chart of Los Angeles County Assessor's Office property values report showing Arcadia and neighboring cities. Arcadia is a city whose 2009 value increased 2.2% compared to last year.
The state's budget crisis could mean that Arcadia Unified School District will suffer a shortfall of an estimated $2.3 million in the 2008-2009 fiscal year. Figures for other local school districts are included.
Los Angeles County's unemployment rate rose to 5.5 percent in December 2005, up from 5.1 percent the previous month but down from 6.5 percent a year ago. Arcadia has a 2.7 percent jobless rate.