Of course, housing costs are very regionally oriented but let’s take a look at housing price percentages historically from 1942 to 2022.
There is some discussion about waiting for prices to come down. People think that because prices have gone up in 2020 and 2021 by large amounts, there must be a drop.
We’ve had periods like that before…
1943 through 1947- homes went up 11%. After that home prices went up 32 more years without a drop.
1974 through 1979 – homes went up 93%. After that, home prices went up 10 years before only going down 1% in 1990… Then another 14 consecutive positive years.
Everyone focuses on 2007 through 2011 – Inventory was 4M in 2007 versus 980K today. Lending standards were substantially restructured after the 2007 period.
The Los Angeles region has had a more extreme range of boom-bust cycles within the period conveyed but given the population growth, lack of inventory and new single family housing development, expect history to repeat.
If you are in the Los Angeles area, and have any questions or real estate sales or financing needs, feel free in contacting me
Ron Henderson GRI, SRES, SFR, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
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