The Breakdown

Explaining Southern California's economy

Home prices in Southern California are on the rise

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57935 full

Home prices in Southern California soared in April, due to a low number of houses for sale and pent-up demand from buyers, according to Irvine-based analytics firm CoreLogic.

Prices for homes in the Santa Ana-Anaheim-Irvine area grew 20 percent, the firm reported. Meanwhile, home prices in the L.A.-Long Beach-Glendale area rose 19 percent and the Riverside-San Bernardino-Ontario area saw prices rise 17 percent. The data includes sales of distressed homes.

Nationally, home prices rose 12 percent compared to a year ago, CoreLogic said.

“The pace of the housing market recovery quickened in April as home prices rose across the U.S.,” said Anand Nallathambi, president and CEO of CoreLogic. Nallathambi said he expects the trend to continue.

CoreLogic predicts that home prices nationally will increase 12.5 percent in May, compared to the same month in 2012.

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