Explaining Southern California's economy

More modest home price increases for Los Angeles


A Foreclosure sign is seen in front of a bank-owned home for sale in Las Vegas. We may start to see fewer of these if the U.S. housing market truly hits bottom.

Real estate and business information service CoreLogic has released June housing data, and for Los Angeles, the story is much the same as what we learned from the most recent Case-Shiller index. Year-over-year, national home prices were up 2.5; they increased 1.3 percent from May.

In what CoreLogic calls "Core Based Statistical Areas," the Los Angeles-Long Beach-Glendale region, prices were up very slightly year-over-year in June: 0.8 percent. Factoring in distressed sales, of which there's no shortage in the area, prices are up rather more, 3.5 percent.

The most recent Case-Shiller data is for May (Case-Shiller lags most other indices), but it also shows modest price upticks for Los Angeles, one of the 20 cities the index tracks. 

Overall this a is good news, although it's also important to note the CoreLogic reports that California had one of the nation's steepest price declines during the housing collapse: almost 40 percent.