Los Angeles Condo Prices See First Gain In 20 Months

June 13, 2012 (Jeff Alan)

Condominium prices in the Los Angeles area improved for the first time in 20 months as condo prices in four of the five metro areas covered by the S&P/Case-Shiller Condo Prices Indices improved in March.

Condo prices in Chicago, which have fallen a cumulative 16.8 percent from September through March, were the only area in the Indices to see a decline in March, falling 0.3 percent. March’s decline leaves prices for condos in the Chicago area 9.7 percent below what they were a year ago and back at the same level they were at in September of 1999.

In California, the long slide in condo prices ended in March, with San Francisco posting a monthly price gain of 4.2 percent while Los Angeles saw its prices increase 0.7 percent.

Condo prices in the Los Angeles area had fallen the previous 19 consecutive months leaving prices in the area 5.6 percent lower than what they were a year ago.

In San Francisco, condo prices had fallen the previous ten months, leaving prices 4.9 percent lower than what they were a year earlier. Despite March’s gain, prices in the area have fallen for 17 out of the last 21 months.

Condo prices in Los Angeles are now back to levels last seen in mid-2003, and in San Francisco, condo prices have dropped back to early-2002 levels.

Along the East Cost, Boston and New York each posted an increase of 0.9 percent from February.

Year-over-year, condo prices in New York are down 0.3 percent from March of 2011, while Boston was the only area in the Indices to record a year-over-year gain, climbing 1.5 percent above last year. Condo prices in New York have dropped back to early-2005 levels and in Boston prices have fallen back to late-2003 levels.

Tags: California, condo prices, S&P, Case-Shiller Index, Los Angeles, San Francisco, Boston, Chicago, New York, market prices

Source:
Standard and Poor