\u2014 not exactly an attainable price point for those struggling to scrape together a downpayment.\u00a0<\/span><\/p>\n\u201cCondos tend to be more affordable than single-family homes, especially now with historically low mortgage rates and the fact that condo prices are down from last year while they\u2019re up for single-family homes,\u201d explained Marr.<\/p>\n
\u201cThose factors are motivating some buyers to jump back into the condo market, particularly those who have found that purchasing a condo is just as affordable as renting an apartment.\u201d<\/p>\n
Nationwide, condo prices fell 1.4 percent in June to a median of $252,000. When pitted against the same month one year ago, sales were down 31.3 percent on a seasonally adjusted basis. Still, it was a slight improvement over May when condo sales nosedived 53.5 percent year-over-year.<\/p>\n
Condos might not offer sprawling backyards or secluded home offices, but they remain sensible starter homes for first-time buyers and low-maintenance alternatives for empty-nesters in the pricy Los Angeles market.<\/p>\n
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