A dash of good news for Southern California house hunters: estimated values of three-quarters of local homes have fallen in the past year.
My trusty spreadsheet reviewed a Zillow report examining home values in 50 large metropolitan areas – including three in Southern California – and how pricing has changed over the past year through October. It also gauged changes from recent peaks and appreciation since the homes were last purchased.
Locally, the most widespread drop was observed in the area comprising Los Angeles and Orange counties, where 79% of homes experienced a value decline. That’s the 14th-highest among the 50 metros tracked.
The average decline in L.A.-Orange County from recent high valuations was 7.5%, ranking the region No. 29 nationally. However, lower prices don’t always translate into more affordable options for house wannabe buyers.
L.A.-Orange County owners are slow to sell, with median ownership at 12 years (the second-longest nationally). Also, despite recent dips, the median home remains valued 85% above its last purchase price (the sixth-highest).
In San Diego County, by the same math, values are down for 78% of homes (No. 17) with an 8.2% average decline from their peak (No. 22). Median ownership runs 11 years (No. 4) with an 88% gain above the purchase price (No. 5).
In the Inland Empire, 74% of homes have lost value (No. 19), with a 6.5% average decline from peak (No. 37). The median ownership period is 10 years (No. 10), resulting in an 80% gain above the purchase price (No. 13).
Please note that price drops are more common – and steeper – in Northern California …
Sacramento: 88% of homes lost value (No. 3 nationally) with an 8.7% average decline from peak (No. 19). Median ownership of 10 years (No. 16) with a 60% gain above purchase price (No. 35).
San Francisco: 83% lost value (No. 9) with a 14.8% average decline from peak (No. 3). Median ownership of 12 years (No. 2) with a 65% gain above purchase price (No. 30).
San Jose: 78% lost value (No. 16) with a 10.3% average decline from peak (No. 13). Median ownership of 13 years (No. 1) with a 97% gain above purchase price (No. 2).
Values are down nationally, too, but they’re less widespread: 53% have lost value, with an average decline of 9.7% from their top. Median ownership is 9 years, with a 67% gain above the purchase price.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
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