Los Angeles Home Price Outlook
Los Angeles Home Price Outlook
Is the Housing Crash is beginning? Did you know that home prices declined for 5 CONSECUTIVE MONTHS across the Los Angeles metro area according to data from Realtor.com.
Could this mean that Los Angeles’ Housing Market is already in the middle of its third Housing Crash in the last 30 years? Underlying data on the market fundamentals across LA suggest so – population growth, migration, and jobs are all trending in the wrong direction. Just as home prices in Los Angeles County and Orange County surge to record levels. The typical price of a home across the LA Metro is now $840k according to data from Zillow, while the average hourly wage in Los Angeles is only $35/Hour.
Los Angeles Home Price Outlook
This means that regular home buyers – as well as real estate investors – are getting priced out of LA. When regular home buyers are priced out of the market, that can lead to problems.
Just as it did in Los Angeles during Housing Crash 1, which lasted from 1991-96, and Housing Crash 2, which occurred from 2007-12. Home price declines were -25% and -37%, respectively, in those crashes according to the Case Shiller Home Price Index for Los Angeles.
The previous Housing Crashes across Los Angeles were also accompanied by 1) Job Declines and 2) Outward Migration.
This makes the 2021 Los Angeles Housing Forecast ominous due to the fact the metro is experiencing a large recession and lost over 100k people due to outward migration in 2020. The decaying fundamentals in the city, combined with surging prices, suggest a Housing Crash could be coming shortly. And perhaps it already even started based on the five straight months of declines in Median List Price. Home buyers and real estate investors across Southern California take note.
Los Angeles Home Price Outlook
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