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Home sellers in Los Angeles County realized the lowest rate of appreciation on a quarterly basis in almost a decade.
The median home price for sales in L.A. County in the third quarter accounted for an appreciation rate of 50 percent against the owners’ buying prices. The data comes from Attom, which bases its median for quarterly home appreciation on the prior median sales price of individual homes sold during the period.
Attom does not factor when homes previously traded, rendering the data a long view of the trend of home appreciation in the L.A. market.
The third-quarter report comes as the median price of a home in Los Angeles County was about $913,000, according to Zillow.
Attom provided data for the county’s ZIP codes with 10 or more transactions in the third quarter. All but two of the 258 ZIP codes saw their home values appreciate, according to TRD’s analysis.
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The ZIP code with the largest gains in home value against prior sales in the third quarter was 91201, which covers Glendale. In that market, the median home value surged by more than 204 percent, according to TRD’s analysis.
The two ZIP codes that notched depreciation in values were Pacific Palisade’s 90272 (-36.5 percent), which is continuing its recovery from the devastating wildfire earlier this year, and Downtown’s 90017 (-14.3 percent).
The county’s overall quarterly gain in home value against prior sales is down from last year and the year before. It is also way off from its peak growth rate of nearly 72 percent in the second quarter of 2022 — the midst of the pandemic and when the seller’s market was stronger than ever.
Like much of the country, which has seen a shift in power to buyers from sellers, Los Angeles’ residential market has been struggling with high prices, rising insurance premiums and general economic uncertainty.
In August, about 15 percent of home sales in Los Angeles fell apart, about the same year over year but continuing a growing trend of buyers walking away from deals. The market has also hit a holiday slowdown, with the volume of luxury deals — those valued at about $4 million and up — entering into contract falling 14.2 percent compared to the same time last year.
Correction: This post was updated to correct the locations for the 90272 and 90017 ZIP codes.