Los Angeles Long Beach Glendale Home Prices Up 2.3% Year Over Year in August, According to First American Data & Analytics Monthly Home Price Index Report
First American Data & Analytics released its August 2024 Home Price Index (HPI) report, showing a 2.3% year-over-year increase in home prices for the Los Angeles-Long Beach-Glendale area. Nationally, annual house price appreciation slowed for the eighth consecutive month, approaching the pre-pandemic average of 3.5%. The report highlights:
1. National HPI increased 0.1% month-over-month and 4.5% year-over-year.
2. Los Angeles area saw a -0.7% year-over-year change in HPI.
3. Starter home prices remained resilient in 25 of the top 30 markets.
4. Warren, Mich. led with a 9.0% increase in starter tier HPI.
Chief Economist Mark Fleming noted that housing demand remains strained due to high mortgage rates and prices, while supply has increased. The key question is whether lower mortgage rates will bring buyers back to the market despite rate lock-in effects.
First American Data & Analytics ha pubblicato il suo rapporto sull'Home Price Index (HPI) di agosto 2024, mostrando un incremento del 2,3% su base annua nei prezzi delle case per l'area di Los Angeles-Long Beach-Glendale. A livello nazionale, l'apprezzamento annuale dei prezzi delle case ha rallentato per l'ottavo mese consecutivo, avvicinandosi alla media pre-pandemia del 3,5%. Il rapporto evidenzia:
1. L'HPI nazionale è aumentato dello 0,1% mese su mese e del 4,5% su base annua.
2. L'area di Los Angeles ha registrato un cambiamento di -0,7% su base annua nell'HPI.
3. I prezzi delle case iniziali sono rimasti resilienti in 25 dei 30 principali mercati.
4. Warren, Mich. ha guidato con un aumento del 9,0% nell'HPI della fascia di prezzo iniziale.
Il Chief Economist Mark Fleming ha osservato che la domanda abitativa rimane compressa a causa degli alti tassi ipotecari e dei prezzi, mentre l'offerta è aumentata. La domanda chiave è se tassi ipotecari più bassi riporteranno i compratori sul mercato nonostante gli effetti del lock-in dei tassi.
First American Data & Analytics publicó su informe del Home Price Index (HPI) de agosto de 2024, mostrando un aumento del 2,3% interanual en los precios de las viviendas para el área de Los Ángeles-Long Beach-Glendale. A nivel nacional, la apreciación anual de los precios de las casas se ha desacelerado durante el octavo mes consecutivo, acercándose al promedio prepandémico del 3,5%. El informe destaca:
1. El HPI nacional aumentó un 0,1% mes a mes y un 4,5% interanual.
2. El área de Los Ángeles vio un cambio de -0,7% interanual en el HPI.
3. Los precios de las viviendas de inicio se mantuvieron resilientes en 25 de los 30 principales mercados.
4. Warren, Mich. lideró con un aumento del 9,0% en el HPI de la gama inicial.
El economista jefe Mark Fleming señaló que la demanda de vivienda sigue siendo tensa debido a las altas tasas hipotecarias y precios, mientras que la oferta ha aumentado. La pregunta clave es si tasas hipotecarias más bajas traerán de regreso a los compradores al mercado a pesar de los efectos de la bloqueación de tasas.
퍼스트 아메리칸 데이터 & 애널리틱스는 2024년 8월 주택 가격 지수(HPI) 보고서를 발표하며 로스앤젤레스-롱비치-글렌데일 지역의 주택 가격이 전년 대비 2.3% 증가했다고 밝혔습니다. 전국적으로 주택 가격 상승률은 8개월 연속으로 둔화되며 팬데믹 이전 평균인 3.5%에 근접하고 있습니다. 보고서는 다음과 같은 내용을 강조합니다:
1. 국가 HPI는 전월 대비 0.1%, 전년 대비 4.5% 증가했습니다.
2. 로스앤젤레스 지역은 HPI에서 전년 대비 -0.7%의 변화를 기록했습니다.
3. 시작 주택 가격은 30대 주요 시장 중 25곳에서 강한 모습을 유지했습니다.
4. 미시간주 워렌은 시작 등급 HPI에서 9.0% 상승을 기록하며 선두를 차지했습니다.
수석 경제학자 마크 플레밍은 높은 주택담보대출 금리와 가격 때문에 주택 수요가 여전히 위축되어 있는 반면 공급은 증가해 있다고 언급했습니다. 핵심 질문은 금리가 낮아진다면 금리 잠금 효과에도 불구하고 구매자를 다시 시장으로 유인할 수 있을지 여부입니다.
First American Data & Analytics a publié son rapport sur l'indice des prix des maisons (HPI) d'août 2024, montrant une augmentation de 2,3% d'une année sur l'autre des prix des maisons pour la région de Los Angeles-Long Beach-Glendale. Au niveau national, l'appréciation annuelle des prix des maisons a ralenti pour le huitième mois consécutif, s'approchant de la moyenne pré-pandémique de 3,5%. Le rapport souligne :
1. L'HPI national a augmenté de 0,1% d'un mois sur l'autre et de 4,5% d'une année sur l'autre.
2. La région de Los Angeles a connu une variation de -0,7% d'une année sur l'autre dans l'HPI.
3. Les prix des maisons de départ sont restés résilients dans 25 des 30 principaux marchés.
4. Warren, Mich. a mené avec une augmentation de 9,0% dans l'HPI du niveau de départ.
Le chef économiste Mark Fleming a noté que la demande en logement reste tendue en raison des taux hypothécaires élevés et des prix, tandis que l'offre a augmenté. La question clé est de savoir si des taux hypothécaires plus bas ramèneront les acheteurs sur le marché malgré les effets de verrouillage des taux.
First American Data & Analytics hat seinen Bericht über den Home Price Index (HPI) für August 2024 veröffentlicht, der einen Jahresvergleich von 2,3% bei den Immobilienpreisen für die Region Los Angeles-Long Beach-Glendale zeigt. Auf nationaler Ebene hat sich die jährliche Wertsteigerung der Immobilienpreise im achten Monat in Folge verlangsamt und nähert sich dem pandemievorangehenden Durchschnitt von 3,5%. Der Bericht hebt hervor:
1. Der nationale HPI stieg um 0,1% im Monatsvergleich und um 4,5% im Jahresvergleich.
2. In der Region Los Angeles gab es eine Veränderung von -0,7% im HPI im Jahresvergleich.
3. Die Preise für Einstiegswohnungen blieben in 25 der 30 größten Märkte stabil.
4. Warren, Mich. führte mit einem Anstieg von 9,0% im Einstiegsbereich HPI.
Chefvolkswirt Mark Fleming merkte an, dass die Nachfrage nach Wohnraum aufgrund hoher Hypothekenzinsen und Preise weiterhin angespannt bleibt, während das Angebot zugenommen hat. Die entscheidende Frage ist, ob niedrigere Hypothekenzinsen Käufer trotz der Lock-in-Effekte zurück auf den Markt bringen werden.
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Annual House Price Growth Nears Return to Historical Norms Nationally
—Supply and Demand Dynamics Favor Ongoing House Price Slowdown, Even as Mortgage Rates Fall, says Chief Economist Mark Fleming—
August1 Home Price Index
Los Angeles Long Beach Glendale Market |
|
Metric |
Change in HPI |
July-August 2024 (month over month) |
+2.3 percent |
August 2023-August 2024 (year over year) |
-0.7 percent |
National HPI |
|
Metric |
Change in HPI |
July-August 2024 (month over month) |
+0.1 percent |
August 2023-August 2024 (year over year) |
+4.5 percent |
Chief Economist National HPI Analysis:
“Annual house price appreciation nationally slowed for the eighth consecutive month, inching closer to the pre-pandemic historical average of approximately 3.5 percent. Housing demand remains strained under the pressure of elevated mortgage rates and high prices, while for-sale inventory has increased compared to last year. Sluggish demand combined with increasing supply is a recipe for cooling home price appreciation,” said Mark Fleming, chief economist at First American. “The key question moving forward is whether the recent, and potentially ongoing, downward trend in mortgage rates fueled by the Fed’s widely expected interest rate cut will be enough to bring buyers off the sidelines. But most buyers are also sellers, and they will remain significantly rate locked-in by their current low-rate mortgages, so modestly lower rates may not spur significant numbers of buyers into the market.”
Year-Over-Year Price-Tier Data for the Los Angeles Long Beach Glendale Metro Area: August 2023 to August 2024
The First American Data & Analytics HPI segments home price changes at the metropolitan level into three price tiers based on local market sales data: starter tier, which represents home sales prices at the bottom third of the market price distribution; mid-tier, which represents home sales prices in the middle third of the market price distribution; and the luxury tier, which represents home sales prices in the top third of the market price distribution.
CBSA |
Starter |
Mid-Tier |
Luxury |
Los Angeles Long Beach Glendale |
|
|
|
“Potential first-time home buyers suffer the most from affordability challenges, as they lack the equity from an existing home to bring to the closing table. Yet, first-time home buyer demand appears to be resilient, since annual price growth in the starter home price tier remained positive in 25 of the top 30 markets we track in August,” said
August 2024 First American Data & Analytics Price Tier HPI Highlights
Core-Based Statistical Areas (CBSAs) Ranked by Greatest Year-Over-Year Increases in Starter Tier HPI |
|||
CBSA |
Change in Starter Tier HPI |
Change in Mid-Tier HPI |
Change in Luxury Tier HPI |
|
+9.0 percent |
+4.9 percent |
+5.1 percent |
|
+8.9 percent |
+5.2 percent |
+6.3 percent |
|
+8.8 percent |
+3.8 percent |
+3.4 percent |
|
+8.4 percent |
+5.7 percent |
+4.2 percent |
|
+7.0 percent |
+6.7 percent |
+5.7 percent |
Additional August 2024 First American Data & Analytics HPI Highlights
Core-Based Statistical Areas (CBSAs) with Greatest Year-Over-Year Increases in HPI |
|
CBSA |
Change in HPI |
|
+8.5 percent |
|
+6.8 percent |
|
+6.2 percent |
|
+6.2 percent |
|
+6.2 percent |
Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decrease in HPI |
|
|
-4.1 percent |
|
-1.6 percent |
HPI data for all 50 states and the largest 30 CBSAs by population is available here.
Visit the First American Economic Center for more research on housing market dynamics.
Next Release
The next release of the First American Data & Analytics House Price Index will take place the week of October 14, 2024.
First American Data & Analytics HPI Methodology
The First American Data & Analytics HPI report measures single-family home prices, including distressed sales, with indices updated monthly beginning in 1980 through the month of the current report. HPI data is provided at the national, state and CBSA levels and includes preliminary index estimates for the month prior to the report (i.e. the preliminary result of July transactions is reported in August). The most recent index results are subject to revision as data from more transactions become available.
The HPI uses a repeat-sales methodology, which measures price changes for the same property over time using more than 46 million paired transactions to generate the indices. In non-disclosure states, the HPI utilizes a combination of public sales records, MLS sold and active listings, and appraisal data to estimate house prices. This comprehensive approach is particularly effective in areas where there is limited availability of accurate sale prices, such as non-disclosure states. Property type, price and location data are used to create more refined market segment indices. Real Estate-Owned transactions are not included.
Disclaimer
Opinions, estimates, forecasts and other views contained in this page are those of First American’s Chief Economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First American’s business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2024 by First American. Information from this page may be used with proper attribution.
About First American Data & Analytics
First American Data & Analytics, a division of First American Financial Corporation, is a national provider of property-centric information, risk management and valuation solutions. First American maintains and curates the industry’s largest property and ownership dataset that includes more than 8 billion document images. Its major platforms and products include: DataTree®, FraudGuard®, RegsData®, First American TaxSource™ and ACI®. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced decisioning solutions at www.FirstAmDNA.com.
About First American
First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of
1 |
The most recent index results are subject to revision as data from more transactions become available. |
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Source: First American Data & Analytics
FAQ
What was the year-over-year change in home prices for Los Angeles-Long Beach-Glendale in August 2024?
How did First American Financial 's (FAF) national Home Price Index change from August 2023 to August 2024?
What was the month-over-month change in the national Home Price Index for August 2024?
Which city had the highest increase in starter tier Home Price Index according to the August 2024 report?
What factors did First American's chief economist Mark Fleming cite as influencing home price appreciation?
