Los Angeles and Orange Counties Home Prices Decline

Is it a good time to buy a home in Los Angeles? Will we see better deals in 2008? One thing is sure Los Angeles home and condo prices are falling. We are in a buyer’s market. Many believe that we will see further housing bubble declines of 30%

In Los Angeles and Orange counties, real estate prices fell 8.8% year-over-year, in the Standard & Poor’s/Case-Shiller composite index.

Nationwide using a sample of the 10 major US metropolitan areas home prices declined an average of 6.7% from a year earlier, the biggest decline since the index was started in 1987. This is the biggest decline since April 1991 decline of 6.3%.

The San Diego area suffered the fourth-worst decline, with an 11.1% fall from last year. The only higher declines were in Miami (12.4%), Tampa (11.8%) and Detroit (11.2%).

The Los Angeles real estate market peaked in September 2006.

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1 response so far ↓

  • 1 Los Angeles office space // Jul 26, 2009 at 7:46 am

    I would be curious to see an update as to where the current housing market is in the Los Angeles area.

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