Los Angeles-Long Beach-Glendale Home Prices Up 3.2% Year Over Year in July, According to First American Data & Analytics Monthly Home Price Index Report
First American Data & Analytics released its July 2024 Home Price Index (HPI) report, revealing that home prices in Los Angeles-Long Beach-Glendale increased by 3.2% year-over-year. The national HPI showed a 5.3% year-over-year increase, marking the seventh consecutive month of slowing annualized house price appreciation.
Chief Economist Mark Fleming noted that elevated mortgage rates have driven affordability to near-record lows, contributing to a cooling but still positive pace of appreciation. The report also highlighted significant variations across different markets, with some areas experiencing strong growth while others saw price declines.
The HPI report segments home prices into starter, mid-tier, and luxury tiers. In the Los Angeles-Long Beach-Glendale metro area, the starter tier increased by 2.8%, mid-tier by 4.0%, and luxury tier by 3.5% year-over-year.
Il primo rapporto sull'Indice dei Prezzi delle Case (HPI) di July 2024, pubblicato da American Data & Analytics, ha rivelato che i prezzi delle case nella zona di Los Angeles-Long Beach-Glendale sono aumentati del 3,2% rispetto all'anno precedente. L'HPI nazionale ha mostrato un aumento del 5,3% su base annua, segnando il settimo mese consecutivo di rallentamento dell'apprezzamento annuale dei prezzi delle abitazioni.
Il Capo Economista Mark Fleming ha sottolineato che i tassi di interesse elevati sui mutui hanno portato l'accessibilità ai livelli più bassi mai registrati, contribuendo a un raffreddamento, ma ancora positivo, del ritmo di apprezzamento. Il rapporto ha anche evidenziato importanti variazioni tra i diversi mercati, con alcune aree che hanno vissuto una forte crescita mentre altre hanno visto un calo dei prezzi.
Il rapporto HPI suddivide i prezzi delle case in categorie di partenza, intermedie e di lusso. Nella zona metropolitana di Los Angeles-Long Beach-Glendale, la categoria di partenza è aumentata del 2,8%, quella intermedia del 4,0% e quella di lusso del 3,5% rispetto all'anno precedente.
El primer informe sobre el Índice de Precios de Vivienda (HPI) de American Data & Analytics para julio de 2024 ha revelado que los precios de las viviendas en el área de Los Ángeles-Long Beach-Glendale aumentaron un 3,2% interanual. El HPI nacional mostró un aumento del 5,3% interanual, marcando el séptimo mes consecutivo de desaceleración en el crecimiento anualizado de los precios de las viviendas.
El Economista Jefe Mark Fleming señaló que las altas tasas de interés hipotecarias han llevado la asequibilidad a niveles casi récord, lo que contribuye a un ritmo de apreciación que es más lento pero aún positivo. El informe también destacó variaciones significativas entre diferentes mercados, con algunas áreas experimentando un crecimiento fuerte mientras que otras vieron caídas de precios.
El informe HPI segmenta los precios de las viviendas en categorías de inicio, intermedias y de lujo. En el área metropolitana de Los Ángeles-Long Beach-Glendale, la categoría de inicio aumentó un 2,8%, la intermedia un 4,0% y la de lujo un 3,5% interanual.
American Data & Analytics가 발표한 2024년 7월 주택 가격 지수(HPI) 보고서에 따르면, 로스앤젤레스-롱비치-글렌데일 지역의 주택 가격이 전년 대비 3.2% 상승했다. 전국 HPI는 전년 대비 5.3% 상승하여 주택 가격의 연평균 증가가 7개월 연속으로 둔화되고 있음을 나타낸다.
수석 경제학자 마크 플레밍은 높은 모기지 금리가 주택 구매 여력을 거의 기록적인 낮은 수준으로 끌어내렸다고 언급하며, 이는 서서히 둔화되고 있지만 여전히 긍정적인 증가 속도에 기여하고 있다. 보고서는 또한 시장 간의 상당한 차이를 강조하며, 일부 지역은 강한 성장을 경험한 반면 다른 지역은 가격이 하락했다고 지적했다.
HPI 보고서는 주택 가격을 시작, 중간 및 고급 세기로 나눈다. 로스앤젤레스-롱비치-글렌데일 대도시 지역에서 시작 세기는 2.8%, 중간 세기는 4.0%, 고급 세기는 3.5%가 전년 대비 증가했다.
Le premier rapport de l'American Data & Analytics sur l'Indice des Prix des Maisons (HPI) pour juillet 2024 a révélé que les prix des maisons dans la région de Los Angeles-Long Beach-Glendale ont augmenté de 3,2 % par rapport à l'année précédente. L'HPI national a montré une augmentation de 5,3 % sur un an, marquant le septième mois consécutif de ralentissement de l'appréciation annuelle des prix immobiliers.
Le chef économiste Mark Fleming a noté que les taux hypothécaires élevés ont conduit l'accessibilité à des niveaux proches des plus bas historiques, contribuant à un ralentissement mais toujours positif du rythme de l'appréciation. Le rapport a également mis en évidence des variations significatives entre différents marchés, certaines zones connaissant une forte croissance tandis que d'autres ont vu des baisses de prix.
Le rapport HPI segmente les prix des maisons en catégories d'entrée, intermédiaires et de luxe. Dans la région métropolitaine de Los Angeles-Long Beach-Glendale, la catégorie d'entrée a augmenté de 2,8 %, la catégorie intermédiaire de 4,0 % et la catégorie de luxe de 3,5 % par rapport à l'année précédente.
Der erste Bericht über den Hauspreisindex (HPI) von American Data & Analytics für Juli 2024 hat ergeben, dass die Hauspreise im Gebiet Los Angeles-Long Beach-Glendale im Vergleich zum Vorjahr um 3,2% gestiegen sind. Der nationale HPI zeigte einen Jahresanstieg von 5,3% und stellt den siebten Monat in Folge dar, in dem das jahreszeitliche Wachstum der Hauspreise verlangsamt wurde.
Chefökonom Mark Fleming stellte fest, dass hohe Hypothekenzinsen die Bezahlbarkeit auf nahezu historische Tiefstände gedrückt haben, was zu einem abgekühlten, aber dennoch positiven Wachstumstempo beigetragen hat. Der Bericht hob auch wesentliche Unterschiede zwischen verschiedenen Märkten hervor, wobei einige Gebiete ein starkes Wachstum verzeichneten, während andere Preisrückgänge erlebten.
Der HPI-Bericht segmentiert die Hauspreise in Einsteiger-, Mittel- und Luxussegmente. In der Metropolregion Los Angeles-Long Beach-Glendale stieg das Einsteigersegment um 2,8%, das mittlere Segment um 4,0% und das Luxussegment um 3,5% im Vergleich zum Vorjahr.
- None.
- None.
Slowdown in National House Price Growth Seeps into Seventh Straight Month
—House Prices in Several Top Markets are Now Falling, says Chief Economist Mark Fleming—
July1 Home Price Index
Los Angeles-Long Beach-Glendale Market |
|
Metric |
Change in HPI |
June-July 2024 (month over month) |
+3.2 percent |
July 2023-July 2024 (year over year) |
+0.5 percent |
National HPI |
|
Metric |
Change in HPI |
June-July 2024 (month over month) |
+0.3 percent |
July 2023-July 2024 (year over year) |
+5.3 percent |
Chief Economist National HPI Analysis:
“July marked the seventh consecutive month of slowing annualized house price appreciation. Elevated mortgage rates have driven affordability to near-record lows, leaving many buyers on the sidelines and keeping sellers rate locked-in,” said Mark Fleming, chief economist at First American. “The combination of the severely unaffordable market conditions and the rate lock-in effect has largely frozen home buying and selling, contributing to the cooling but still positive pace of appreciation. However, the prospect of Federal Reserve interest rate cuts this fall has already sent mortgage rates lower in August, which may spur some buyers and sellers to act and begin to defrost market transaction volume.”
Year-Over-Year Price-Tier Data for the Los Angeles-Long Beach-Glendale Metro Area: July 2023 to July 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 |
|
|
|
|
“While the national house price trend is interesting, real estate is inherently local and prices are not appreciating in all markets,” said
July 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 |
|
+13.5 percent |
+5.4 percent |
+2.9 percent |
|
+10.3 percent |
+3.9 percent |
+4.1 percent |
|
+7.5 percent |
+3.7 percent |
-1.7 percent |
|
+7.4 percent |
+9.4 percent |
+12.6 percent |
|
+7.4 percent |
+4.5 percent |
+0.7 percent |
Additional July 2024 First American Data & Analytics HPI Highlights
Core-Based Statistical Areas (CBSAs) with Greatest Year-Over-Year Increases in HPI |
|
CBSA |
Change in HPI |
|
+9.9 percent |
|
+6.9 percent |
|
+6.8 percent |
|
+6.7 percent |
|
+6.1 percent |
Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decrease in HPI |
|
|
-1.0 percent |
|
-0.9 percent |
|
-0.7 percent |
HPI data for all 50 states and the largest 30 CBSAs by population is available here.
Next Release
The next release of the First American Data & Analytics House Price Index will take place the week of September 17, 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 prices 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240820445731/en/
Media Contact:
Marcus Ginnaty
Corporate Communications
First American Financial Corporation
(714) 250-3298
Investor Contact:
Craig Barberio
Investor Relations
First American Financial Corporation
(714) 250-5214
Source: First American Data & Analytics
FAQ
What was the year-over-year home price change for Los Angeles-Long Beach-Glendale in July 2024?
How did national home prices change in July 2024 according to First American (FAF)?
Which cities experienced the highest home price increases in July 2024?
Were there any cities that saw home price decreases in July 2024?
How did First American (FAF) segment home prices in their July 2024 HPI report?
