Long Beach California Real Estate Trends

The city of Long Beach, California is a very ethnically diverse area with many cultural attractions including the Long Beach Museum of Art and the Long Beach Symphony Orchestra. It is the southern terminus of the Los Angeles Blue Line light rail line, which runs about 20 miles to downtown Los Angeles. It has a good public transportation system and access to Southern California freeways.

The Blues Festival and the Jazz Festival are just two of the many festivals held each year. California State University Long Beach is the largest school in the city. El Dorado Regional Park is the largest of the many public parks.

The median home sale price was nearly $300,000 in June 2010, an increase of $20,000 from a year earlier. Home sales rate of 391 homes in April vs. 431 homes sold in May 2010 The rental market remains subdued as unemployment and house prices erode affordability, although these factors are putting downward pressure on rents.

Popular locations include Downtown, Belmont Heights, Eastside, The Plaza and Belmont Shore, with an average sales price of one and a half million. The population within 57 square miles is about half a million. The largest employers are health care, manufacturing and construction, which have been shedding jobs.

Mortgage rates are very low, 3.88 for 15-year fixed and 4.38 for 30-year fixed. Foreclosure rates are high, with one in 254 homes receiving a foreclosure notice in June 2010. Although the local real estate market is showing some signs of recovery, it is still a buyer’s market for the wealthy.

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