It’s raining in Southern California…

August 4, 2010

by Scott Sambucci


Guess this means Albert Hammond was wrong…  It really does rain in Southern California, at least as far as housing is concerned.

In Los Angeles, year-over-year prices plummeted in 2008 with the sub-prime bust.  The housing tax credit provided short term relief in 2009, but prices in 2010 are heading down again… All the while, Santa Monica withstood the housing bust until 2009 when general economic pressures moved up the income ladder with the effects finally hitting.

Year-on-Year Median Price Changes: Los Angeles and Santa Monica, CA

Price levels provide more visibility.  Los Angeles is sub-prime and tax credit land, while Santa Monica is jumbo mortgage territory. Location, location, location…

Median Home Prices: Los Angeles and Santa Monica, CA

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