On November 28, S&P Dow Jones released the latest results for the Case-Shiller home price indices, the leading measure of US home prices. Those results for the month of September (Case Shiller is always two months in arrears) show that existing single family home prices continued their rise across the country.
One measure we tend to focus on here at Real Estate Edge is the 20-city composite which tracks home price changes in 20 major metropolitan areas (including Los Angeles). That stat showed a 6.2% year-over-year gain in September (up from 5.9% in August).
The winner in the September home price derby was Seattle, which saw prices jump a whopping 12.9% from September, 2016. In fact, that was the only city to record a double digit increase. Meanwhile, Washington DC brought up the rear at 3.1%.
As for California, Case Shiller reported that September showed a year-over-year increase of 6.2% for Los Angeles (right in line with the national average), 7.0% in San Francisco and 8.2% in San Diego.
Remember, Case Shiller, besides being two months behind, only focuses on sales of existing single family homes - no new homes, no condos or townhomes - regardless of whether the sales were reported on a multiple listing service (MLS) or were sold 'off-market.'
Locally, we at Real Estate Edge employ a much less complicated metric - median home prices of MLS-reported sales. Our figures may not be quite as precise as Case Shiller's but they are good enough, in our opinion, to at least quantify a trend.
Below is a chart that summarizes the data for our local housing markets. The yearly figures are based on median sale prices for the 12 months ending in November for the years shown.
|Manhattan Beach||Single Family||$2,200,000||$2,243,000||11.4%|
|Hermosa Beach||Single Family||$1,746,250||$1,900,000||7.0%|
|N Redondo Beach||Single Family||$899,000||$975,000||6.4%|
|S Redondo Beach||Single Family||$1,249,500||$1,325,000||3.7%|
|El Segundo||Single Family||$1,289,500||$1,268,250||-1.3%|
As you can see, home prices in the beach cities are continuing to climb, for the most part, when compared to last month's numbers seen here. Of course, with small samples, the results can fluctuate but overall the results are still pointing upwards.