A two-bedroom house in Los Angeles listed for $585,000 received 10 offers in the first week it hit the market, with the winner agreeing to pay $640,000. Meanwhile, a four-bedroom house a few miles away, priced at $3 million, sat on the market for more than a month with no offers before selling for $2.75 million in January. The divide in Los...
The housing market in the US has split into two levels, with lower-priced properties selling quickly as inventory of expensive property increases. In California, for example, a home that sold at $700,000 last year is now worth more than $1 million.