Los Angeles, which became the Angels' main namesake in 2005, also is beating the pants off Orange County in home-price appreciation. In fact, home prices north of the San Gabriel River have been gaining at a faster clip for almost two years, according to figures from DataQuick Information Systems, which tracks local home prices. Experts say that high home prices here, and Orange County's lead role in the latest housing boom-bust cycle, both contributed to the county's lower appreciations rates in the past 22 months. The contrast is even more dramatic between Orange County and the Inland Empire, which have had higher appreciation rates than Orange County for more than two years. "Prices are higher in Orange County, and there are fewer people who can afford it," said Delores Conway, director of the Casden Forecast at the USC Lusk Center for Real Estate. "It's an issue of affordability." The median price for an Orange County home was $616,000 in November, for example. In Los Angeles County, it was $510,000. More demand means there are more buyers willing to bid up the price for lower-end houses.
January 9, 2007