Hello! I've lived continuously in Redondo Beach (the beach cities of Los Angeles) since 1995, and briefly in 1989-1990. During that time I watched a lot of old homes get torn down and Taj Mahalominiums get built in the area, with bubble prices to match. I actually started collecting housing price data in 2001-2002 but it wasn't until late 2005 I started blogging about this area. I'm doing my best to capture the local real estate bubble and ensuing fizzle.
The Case-Shiller index was released for December 2007.
According to the index, the Los Angeles area median home price was down -13.7% from December 2006, and down -3.1% from November 2007.
To view the full report, visit Macromarkets (PDF file).
posted by bearmaster at 4:32 PM
Economic grizzly bear. Visit me at Beartopia, and find links to my sibling bubble bloggers at my housing education page. At the beginning of each month this blog publishes zip code charts of real estate dollar volume for the LAX area, data provided by Melissa Data (who gets it from Home Data). I publish a preliminary statistics report around the 2nd week, with data coming from my own estimates and sales data provided by Zillow and by Manhattan Beach Reporter. The 3rd week each month I chart DataQuick's median price data for beach city zip codes. Other measures of market action are published week 4, with most data provided courtesy of Shorewood. If you live in the South Bay/LAX area and want to adopt a dog, please consider adopting one from the Carson animal shelter.
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| 90045 | 90245 | 90254 | 90266 | 90274 |
| 90275 | 90277 | 90278 | 90292 | 90293 |
| 90045 | 90245 | 90254 | 90260 | 90266 |
| 90274 | 90275 | 90277 | 90278 | 90292 |
2 Comments:
I would really love to see the Case Shiller algorithm applied on a neighborhood by neighborhood basis. I know the median sales prices have increased here in the South Bay, but I highly doubt home prices when comparing apples to apples has increased at all. In fact I would think it is safe to say that home prices here in the south bay are actually falling. Case Shiller index would be able to point that out.
Me too.
Unfortunately accurate sales data is not easy for me to access and accumulate. I have lots of old sales records but they are lopsided toward the extreme north Redondo neighborhood I live in.
Even with access to sales records, there are problems with accuracy. For the first sale of new construction, after the previous sale was a teardown, the record often retains the square footage of the teardown instead of the sqft of the new construction.
Then assuming I had good records, I would need a piece of code to go through the records and be able to find properties with a sale history, that haven't been modified in terms of square footage - then build a new table with just those records. I don't think that would be hard to do - getting good accurate records is much more difficult.
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