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 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.
Los Angeles County's median home price is rising. In July, 2009, it was $339,430, up from $319,860 in June 2009, but well below $395,240 a year ago. Broker Chris Vigil thinks the market has hit rock bottom. Arcadia's median home price in July 2009 was $663,000, up from $626,500 a year ago (July, 2008). A chart shows figures from surrounding 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.
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.
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.
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.
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.
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.
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.
Los Angeles County's unemployment rate dropped to 4.2 percent in November, down from 4.3 percent the previous month and 5.3 percent a year earlier. Arcadia's jobless rates appears on the chart at 2.1 percent, along with rates for other cities.
The unemployment rate in every city in the San Gabriel Valley either went down or stayed flat last month, for the first time in several months, according to state numbers. Still, economists say many people are out of work now compared to this time last year. A chart shows Arcadia has 2000, or 7.3% unemployment. A chart shows numbers for nearby cities.
Getting a permit to install solar panels on homes in the San Gabriel Valley is costly. A Sierra Club report shows that San Gabriel Valley cities charge more than other Southland communities. The average permit cost to install a typical 20-panel system in Southern California is about $493. Arcadia's fee is $283. A chart shows the fees of surrounding cities.
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.
A special report on the Asian population of the San Gabriel Valley. Arcadia is a city with an Asian population near or above 50 percent. A chart shows Asian presence in the San Gabriel Valley and the percentage who speak English "not well" or "not at all."