LA home prices are rising faster than national average

Home prices in Los Angeles and Orange counties rose 6.2 percent in November compared with the same month last year, according to the Standard & Poor’s/Case-Shiller report released today.

The price tags on Southern California homes are climbing faster than the national increase of 5.3 percent. The numbers from L.A. and Orange counties also rose 0.3 percent compared to October.

An improving labor market and low mortgage rates helped Southern California gain traction, analysts said. [LAT] – Hannah Miet