Bay Area values fell 14% from May’s top, says Case-Shiller. Los Angeles and Orange counties’ prices are down 7%.
“Crash, correction or chill” looks at economic and real estate trends that give hints about how deep housing’s troubles may be.California house hunters should be mildly encouraged that prices in three major markets are well off their springtime peaks – though housing values are still quite inflated from pre-pandemic days.My trusty spreadsheet reviewed Case-Shiller’s November home price indexes that track 20 big U.S. markets, including three in California.
And in Los Angeles and Orange counties, prices are down 7% from the May top – the No. 6 drop. Prices fell to a nine-month low. but stand up 4% over 12 months and 36% higher over three years.The house hunter’s other challenge is last year’s rising mortgage rates. The historically cheap money that inflated values in the pandemic era became history.
Now, there’s been some rate relief through January, as home-loan rates have fallen to 6.27%. Does that create more “affordability” – or simply firm up prices? That remains to be seen.What do pricing patterns suggest about the next twist for the house hunt …This argument would focus on August to November when all 20 U.S. markets had month-to-month losses. Previously, across-the-board declines had occurred only 13 times since 1991.
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