October saw another rise in Los Angeles’ median home value, up from September (which was up from August) to $696,900. L.A.’s home values have gone up 2.3% over the past year, and the somewhat-accurate website Zillow is predicting they will rise 2.5% in 2020. The median list price-per-square-foot in L.A. was $543 in October, which was higher than the SoCal average of $440. The median price of homes listed in L.A. in October was $849,900, while the median price of homes sold last month city-wide was $710,400. L.A.’s median rent in October was a record-breaking median of $3,607, which is higher than the SoCal’s $3,200.
Zillow also quantified (from public records) the percent of delinquent mortgages in Los Angeles, which was 0.7% in October, which was lower than the national value of 1.1%. Delinquency is triggered when 3 or more mortgage payments are missed.
The percent of L.A. homeowners “underwater” on their homes was 4.3% in October, which is higher than SoCal’s 4.1%. Zillow cited the primary reason was cash-out refinancing, where homeowners wiped-out their home’s equity and pocketed the profits.