Here is how much home prices have changed over the past year in Los Angeles County area.
PALOS VERDES, CA — Higher home prices are here to stay, at least for the next couple of years, experts say.
The coronavirus pandemic helped push home prices higher, but it isn’t the only factor responsible for the market shift. The number of homes listed for sale is at a historic low, meaning that supply is tight. Meanwhile, demand has increased because of historically low mortgage interest rates and because a large contingent of millennials is looking to buy their first homes.
Home prices in the Los Angeles-Long Beach-Glendale CA Metropolitan Division, which includes Los Angeles County, were up 10.5 percent for January 2021 compared with January 2020, according to the CoreLogic Case-Shiller Index, an oft-quoted measure of price movements over time.
Metropolitan statistical areas, micropolitan statistical areas and divisions are a product of the U.S. Census Bureau and are used to designate areas with strong economic ties; they contain one or more counties depending on population density.
Prices in the bottom third (less than $659,000) of the Los Angeles-Long Beach-Glendale CA Metropolitan Division market — often designated as starter homes —increased 12 percent year over year. The top third of the market (homes over $963,000) saw a 10 percent increase.
The Flagstaff, Arizona, metropolitan area saw the biggest year-over-year increase in January, at 24.1 percent, followed by the Boise, Idaho, area at 22.2 percent and the Bend-Redmond, Oregon, area at 22.1 percent.
Less than 1 percent of metro areas saw a year-over-year price decrease, according to the Case-Shiller Index.