House prices fail to beat inflation in Los Angeles, Orange counties

Dated: 06/06/2019

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April was the second straight month L.A. County house prices failed to beat inflation. Orange County price gains have been below the inflation rate since November.

Orange County house prices were just 1% above year-ago levels in April, while prices in Los Angeles County increased by a mere 2.3%, CoreLogic reported Tuesday, June 4.

That’s not only the smallest appreciation rate in seven years, but home-value gains also failed to beat the L.A.-Orange County inflation rate of 3.3%.

In the Inland Empire, prices were up 3.6% year over year, beating the Riverside-San Bernardino-Ontario inflation rate by less than a percentage point. That’s also a low not seen since the spring of 2012.

April was the second straight month L.A. County house prices failed to beat inflation. Orange County price gains have been below the inflation rate since November.

The CoreLogic Home Price Index for April is just the latest indicator home prices are leveling off as more and more home shoppers get priced out of the market. Data compiled by The Associated Press report last month showed Southern California home values increased four times faster than incomes since the recovery began. According to CoreLogic, L.A. County and Inland Empire house prices increase about 80% since April 2012 and almost 60% in Orange County.

The CoreLogic HPI uses a “same-home” price comparison that’s similar to the venerated Case-Shiller HPI. The cooling trend has been underway for the past 12-13 months.

A similar slowdown is occurring nationally.

U.S. home values increased 3.6% year over year in April, while California prices were up 1.9%.

Priced-out home shoppers praying for a new market crash won’t get their wish if CoreLogic’s forecast is to be believed. The Irvine-base real estate data firm predicted U.S. price gains will pick up and increase by 4.7% over the next year.

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