CoreLogic projects that Southern California house prices will continue rising. Instead, local home prices are forecast to rise 3% in Los Angeles County, 5% in Orange County, and 6% in the Inland Empire, by April 2021.
CoreLogic projects U.S. home prices will drop 1.3% year over year by April 2021 in 41 states in the nation, with the biggest declines occurring in areas hit by downturns in tourism, oil, and gas industries. This will stop nine years of annual home price gains.
The reasons for the SoCal homes expected price increase are:
• the region’s wealth,
• the low inventories,
• the cheap mortgage rates,
• the growing numbers of millennials entering the home buying market
CoreLogic’s Home Price Index showed single-family homes posted their biggest percentage gains of this year so far in April. House prices increased:
• 4.9% in Los Angeles County,
• 3.7% in Orange County,
• 5.0% in the Inland Empire,
• 5.4% in the US Nation
Although numerous reports show home buyer demand dropped at the start of the coronavirus lockdown, prices were buoyed by a drop in homes on the market.
Source: OC Register
https://www.ocregister.com/2020/06/02/u-s-house-price-drop-forecast-by-next-april/
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