LA County home prices maintain four-year growth spurt

(Credit: Wikipedia Commons)
(Credit: Wikipedia Commons)

L.A. home price growth doesn’t show any signs of slowing.

The price of a single-family home in L.A. County went up by 6.7 percent in price in July compared to the previous month, according to a CoreLogic report cited by the L.A. Daily News. Statewide prices increased 5.9 percent in the same period. The increase marks 51 continuous months of growth for L.A.

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Home prices will likely continue to rise about 5 percent over the next year, CoreLogic chief economist Frank Nothaft told the paper.

“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year,” he said. “The increased sales will support further price appreciation.” [LADN]Cathaleen Chen