Homes in the U.S. have been on a tear since the recession, and the average price of a home is climbing faster than anywhere else.
But there are a handful of areas that are still struggling with soaring prices: commercial construction sales.
The average price for a commercial construction sale in the first quarter of 2017 was $2.7 million, according to the Real Estate Board of Greater Los Angeles.
That was more than triple the $1.6 million average price in the same quarter last year.
That’s a huge gap.
It was the most expensive commercial sale in Los Angeles history, and it took home the title of the most costly commercial sale on record.
The market was especially hard hit in the second quarter of this year.
The average price dipped from $1,838,000 in the spring to $1 and $1 million in the summer, the lowest in nearly a decade.
This year’s average price is $2,879,000.
That’s a 14.7 percent decline from the second-quarter of 2017, when the market was already in the red.
Even though the average sales price fell, commercial construction remains an expensive sector for homebuyers.
The median home price for an LA-area home sold in January was $1 billion, according the Zillow.
In the first six months of this decade, the median sale price was $3.4 billion.
The Los Angeles County Home Price Index is a good gauge of where the market stands, but it is based on home prices and is a little bit different than the national average.
According to the index, the average home in Los Angels sold for $2 million in March 2017, which is the highest price in five years.
The median sale prices for the top 30 markets in the country in 2017 were:Azerbaijan: $1.,818,000Bahamas: $2 billionAzerdjan:$1.9 billionAlgeria: $3,099,000Austria: $5.3 billionBahrain: $4.3 millionBelarus: $6.1 billionCanada: $7.9 millionCyprus: $8.1 millionDenmark: $9.1 mlnEstonia:$9.4 millionFinland: $10.9 mlnFrance: $11.4 mlnGermany: $12.4 $11,964,000Hungary: $13.6 billionIran: $14.6 mlnIsrael: $15.7 mlnItaly: $17.9 $18,904,000Lithuania: $19.3 mlnLatvia: $20.4m mlnMoldova: $21.2m mniMexico: $22.6m mnaNetherlands: $24.9m mnNew Zealand: $26.9M $29,744,000Poland: $31.2M$31.8MPortugal: $33.2 millionRussia: $34.6M $36,848,000Singapore: $39.6million$40.3MTaiwan: $41.7m mninTurkey: $42.2 mlnUnited Arab Emirates: $44.9million$44.5M