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Home prices rise in Los Angeles after 6 years of depreciation

Los Angeles housing market

By Tiffany HsuJuly 24, 2012, 11:43 a.m.

Los Angeles homes are headed for a price spike – albeit a small one – according to new data from real estate website Zillow.

After six years of depreciation, values in the metropolitan area rose 0.2% this quarter, and are expected to increase 0.5% over the next 12 months. Zillow forecasts that nationwide prices will tick up 1.1%.

San Diego will enjoy a 1.6% price increase, while San Francisco values will go up 1.9%, Sacramento 2.5%, San Jose 3.4% and Riverside 5.6%, according to Zillow.

Compared to the same quarter of last year, prices rose 0.7% in the city of Los Angeles.

Rents have increased 2.6% in both the metro area and the city.

Manhattan Beach led the rise in values with a 10.7% spike in the second quarter, followed by a 7.3% jump in Bell Canyon and Maywood, a 5.6% increase in Bell Gardens and a 5.5% boost in West Athens.

Zillow, in its broader national report, said housing prices posted their first year-over-year increase since 2007, edging up 0.2% in the second quarter compared to the same period in 2011. The median value is at $149,300, according to the site.

Southern California’s median sales prices was up 1.7% in June from May and 5.3% more compared to a year earlier to $300,000, according to research firm DataQuick earlier this month. Home sales rose 7.5% year-over-year in their sixth straight uptick.

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