Riding Out the ‘90s

Each January in this space it’s our custom to look back at how the Southland housing market fared in the last year.

But today you get four perspectives instead of just one. We’ll review 1999--the hottest year in a decade--and recap the roller-coaster ‘90s.

Then we’ve asked a number of realty experts to offer their forecasts for the market as we enter the 2000s.

Finally, to see how your own home value fared in the 1990s, check out the chart accompanying this story.

Using the median price per square foot, the chart shows when each Southland ZIP Code peaked last, when it bottomed and where it is now.

First, a look at 1999:

A total of 299,586 homes and condos sold last year in Los Angeles, Orange, Riverside, San Bernardino, Ventura and San Diego counties, up 5.3% from 284,637 in 1998.

That number was the highest sales count since 1989, when 315,721 homes were sold, according to Acxiom/DataQuick Information Systems of La Jolla.

The Inland Empire saw the largest increase in home sales, with 37,003 homes sold in Riverside County, up 9.1% from 1998, and 33,298 transactions taking place in San Bernardino County, up 9.3% from 1998.

Ventura also posted strong gains in home sales last year, with 15,666 sold, up 7% from a year earlier. San Diego saw similar gains, with 52,457 homes sold last year, up 7.4% from 1998.

About 111,000 homes sold in Los Angeles County in 1999, up 4% from 1998. Orange County had the weakest sales gain, with 50,154 homes sold in 1999, up just 0.3% from 1998.

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The median price paid for a Southland home in 1999 was $191,000, up 3.8% from $184,000 in 1998. But the 3.8% gain understates the actual increase in home values, according to John Karevoll, an analyst with Acxiom/DataQuick.

“A lot of the buying activity in 1999 was in the Inland Empire and other lower-cost, entry-level areas,” he said, “which has pulled down the median price.

“Adjusting for this shift in ‘market mix,’ home values in Southern California are going up by about 9% a year.”

Prices rose the most in Ventura, Orange and Riverside counties, while Los Angeles County posted moderate gains, Karevoll said.

Median home prices jumped 8.7% in Ventura County, to $238,000 in 1999 from $219,000 in 1998. Orange and Riverside counties posted similar increases, with a 5.7% jump last year to $240,000 in Orange County, up from $227,000 in 1998, and a 5.7% gain in Riverside County to $148,000 last year from $140,000 in 1998.

San Diego County saw a 5.6% increase in median home prices to $207,000 last year from $196,000 in ’98.

Gains in median home prices were more moderate in San Bernardino and Los Angeles counties, with a 3.1% jump in San Bernardino County to $132,000 last year, from $128,000 in 1998. Los Angeles charted a 2.2% gain to $188,000 in 1999 from $184,000 in 1998.

Some other realty tidbits from 1999:

* The aggregate value of Southern California’s housing stock also hit an all-time high in December. The region’s 3.83 million homes and condos were worth $931 billion last month, up 9.2% from $852.9 billion for the same period in 1998.

* During the last year, 522 of the 560 Southland ZIP Codes with 10 or more sales saw increases in home values, as measured in square-foot prices. Most year-over-year increases were in the 6% to 7% range. The communities that experienced declines were mostly in desert and mountain second-home areas where price fluctuations are stronger.

* The typical monthly mortgage payment, figuring 20% down on a median-priced home with a 30-year fixed-rate mortgage, was $1,020 in Southern California, up 9% from $936 in 1998, but below the 1989 peak of $1,270.

* Buoyed by a strong economy, the number of homeowners unable to keep up with their mortgage payments last year dropped steeply in most Southern California counties. Notices of default--the first step in the foreclosure process--posted the largest fall in Orange and Ventura counties. In Orange County, they fell 28.3%, to 4,830 in 1999 from 6,736 in 1998. The smallest recorded drop was in San Bernardino County, where notices fell 15%, to 11,185 last year from 13,136 in 1998.

* There was also a significant drop in foreclosures in most Southland counties. Orange County posted the steepest fall, recording half the foreclosures that it had the previous year. San Bernardino charted the smallest drop, with a 26% decrease in foreclosures from 1998.

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Now, for the rollicking decade of the 1990s:

The realty roller coaster ride last peaked in the late ‘80s with the Southland housing market in a frenzy of multiple offers and over-bid sales.

Then the Cold War ended in 1989, spurring massive layoffs at most of the region’s major defense firms and eventually shuttering most of its defense industry.

The crumbling economy hit real estate hard, and by the mid-’90s, the region’s housing market was mired in the worst recession since the Great Depression.

But as boom follows bust, so did bust give way to recovery, led by the rebounding top-end neighborhoods. Record sales and prices were recorded in 1999, as the end of the decade saw the recovery spreading to all price ranges and almost all communities.

“It’s been a wild ride,” said Leslie Appleton-Young, chief economist for the California Assn. of Realtors. “And we haven’t peaked yet.”

What made the 10-year period from 1989 to 1999 so unusual?

For one, the late 1980s saw an unprecedented rise in home values, fueled in part by speculative buying by “flip artists,” who purchased fixers and sold them six months later for a huge profit.

“The consumer saw their house as a cash investment that was going to appreciate 10% to 15% every year for the rest of their lives,” said Bob LeFever, president and chief operating officer of Coldwell Banker Southern California.

Builders rode the wave of the speculative buying, building many more homes than they could sell. When the recession hit, this stockpile of unsold homes helped to depress prices.

Some Southern California homes dropped markedly in value in the first half of the ‘90s, Karevoll said. This drop was most pronounced in the high-end market for million-dollar homes, many of which fell 40% in value from 1989 to 1994. Newly built homes in Palmdale and Lancaster were also hammered, posting 30% drops in value for the same time period, Karevoll said.

Los Angeles, Riverside and Ventura counties were also hit hard, with homes losing about 25% of their value in these areas from 1990 to 1996. Homes in Orange and San Bernardino counties lost about 22% of their value for the same period, with San Diego posting a 15% loss.

The equity losses of the ‘90s crash have been recouped in San Diego and Orange counties and in upscale communities of Los Angeles County, such as the Westside, said Nima Nattagh, director of research for Anaheim-based First American Real Estate Solutions.

But some areas, including the San Fernando Valley, haven’t fully regained lost value, said Ken Bucalo, a broker associate with Gibson & Associates in Studio City.

The fall in home values doubled the number of homes repossessed by banks. Foreclosures for the six-county Southern California region rose 107% from 11,352 in 1991 to 23,547 in 1992 and hit a peak in 1997, when 57,998 homes foreclosed in this region. Banks then sold these properties for an estimated 70% of their value--drawing many first-time home buyers into the market, said Alfred J. Gobar, a real estate economist.

Some pockets of the Southland’s real estate market started the slow march to recovery in 1994. But many regions, including Los Angeles County, didn’t start to see an improvement in home values until 1996 or later.

High-end properties gained value more quickly than most, with prices in preferred enclaves like Newport Beach rising 30% to 40% in the last two years, said Alison McCormick, senior sales associate at Coldwell Banker’s Newport Beach office.

Likewise, million-dollar home sales in Ventura County quadrupled between 1995 and 1999, with 103 closings at over $1 million in Westlake Village alone in the last 18 months, said Bill Carter, an executive vice president at Young Realtors in Westlake Village.

In Santa Monica, buyers gobbled up two lots instead of one and built mansions, said real estate broker Fred Sands.

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Some prognostications for 2000 and beyond:

Real estate markets are cyclical, which raises the question: Where do we go from here?

Even with the threat of interest-rate hikes looming, the Southland’s housing market should remain strong this year, economists and Realtors say. Some predict the market will stay robust into 2003.

CAR economist Appleton-Young says single-family home sales will decrease by about 8% this year for the state and prices will rise an average of 5% over 1999.

Realtor Sands was a bit more optimistic, predicting the total number of home sales in Southern California will decline by about 2% and home prices in the region will rise an average of 8% this year.

The region’s home builders expect to see major growth in the Inland Empire and the Antelope Valley this year, where residents will be able to pick up homes for $150,000 to $175,000, said Bruce Karatz, chief executive officer at Kaufman & Broad Home Corp.

Expected interest-rate increases are likely to discourage first-time buyers, however, which could have a domino effect on the market: If the first-timers don’t purchase the homes of those who want to move up in the market, home sales overall could slow down.

Interest rates are expected to peak at 8.3% by midyear, then decline in the fall, said Brian Carey, an economist with the Mortgage Bankers Assn. of America.

Does the current boom presage an imminent bust?

Even though home sales and prices have been on the rise since 1995, there are no red flags indicating the market is heading for trouble, according to Acxiom/Data-Quick’s Karevoll.

Such warning signs would include a rapid rise in adjustable rate mortgages, or ARMs, and a rise in foreclosures and non-owner occupied purchases.

ARMs peaked in Southern California in 1994 and are again on the rise, although they are still within the normal range at about 30% of all mortgages, he said. Foreclosures are trending down.

Experts say the region’s diverse economy--with technology, entertainment and other sectors taking the reins from defense--should help shield it from another recession.

This rosy picture, however, may be marred by the lack of buildable land in Southern California and housing shortages prompted by a large increase in jobs in many areas, especially Orange County.

The San Gabriel Valley is in the same predicament as many other areas, with housing inventory down 65% to 70%, creating a market that some Realtors compare to 1989’s run-up.

“We still have buyers looking for houses that aren’t available,” said Marty Rodriguez, a broker associate at Century 21 in Glendora. “These times are reminiscent of 1989, when sellers asked much more for a house than it’s worth and buyers grabbed them up.”

The housing crunch raises some tough choices for the region’s builders, whose numbers were thinned in the ‘90s when many developers merged to remain solvent.

“What I see in the marketplace now is a real lack of land supply,” said Steven Wolpin, vice president of sales and land acquisition at Lennar Homes.

“There’s not a whole lot of land supply left in Orange County, and that’s going to put more pressure on builders to find alternative ways to provide homes.”

Indeed, experts say that the lack of inventory in Southern California’s housing market goes hand in hand with the absence of affordable housing for many who want to make Orange County and other regions here their home.

Even several of Los Angeles’ northern suburbs are quickly becoming as expensive as some of the areas closer to downtown, including Canyon Country and Valencia, where prices have risen to $300,000 in some developments, Karatz said.

“We’re reaching a limit in terms of the affordability of houses,” said Richard Gollis, a principal at the Concord Group, a Newport Beach-based realty market research firm.

“The big question is what product type are we going to be satisfied with. Does everyone need to live in a four-bedroom house with a backyard, or should we be looking at things with higher density?”

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Boom, Bust, Rebound

Using the median price per square foot, the chart shows when each ZIP Code peaked last, bottomed out and where it is now.

Los Angeles County

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Community ZIP Previous Recession Current Code Peak Low Sq. Ft. Median Acton 93510 $136 89Q4 $94 96Q1 $129 Agoura Hills 91301 $168 89Q4 $129 94Q1 $177 Alhambra 91801 $184 90Q1 $129 97Q2 $156 91803 $173 89Q4 $127 97Q2 $152 Altadena 91001 $161 91Q3 $124 96Q4 $166 Arcadia 91006 $209 89Q4 $148 96Q3 $189 91007 $214 90Q1 $165 97Q3 $209 Artesia 90701 $168 89Q2 $107 96Q2 $140 Azusa 91702 $133 91Q3 $108 96Q4 $121 Baldwin Park 91706 $134 90Q2 $107 97Q2 $121 Bel-Air 90077 $320 91Q3 $214 96Q1 $302 Bell 90201 $151 90Q3 $121 97Q3 $140 Bellflower 90706 $152 90Q2 $118 97Q2 $139 Beverly Hills 90210 $384 90Q1 $235 94Q2 $358 90211 $396 89Q4 $194 94Q4 $342 90212 $366 90Q3 $228 93Q4 $334 Boyle Heights 90033 $136 90Q2 $95 96Q2 $120 Brentwood 90049 $380 90Q1 $242 93Q4 $369 Burbank 91501 $204 89Q4 $136 93Q4 $207 91504 $204 89Q3 $143 96Q1 $192 91505 $193 89Q4 $137 96Q1 $188 91506 $188 90Q3 $141 96Q4 $204 Calabasas 91302 $182 90Q2 $144 94Q1 $210 Canoga Park 91303 $161 90Q2 $101 96Q4 $136 91304 $158 89Q4 $104 96Q2 $143 91306 $150 89Q4 $96 97Q2 $128 91307 $163 89Q4 $110 96Q4 $152 Canyon Country 91351 $146 90Q1 $108 95Q2 $136 Carson 90745 $150 90Q1 $108 96Q1 $134 90746 $119 91Q3 $101 94Q4 $120 Castaic 91384 $132 90Q3 $100 96Q4 $132 Cerritos 90703 $179 89Q4 $126 95Q4 $169 Chatsworth 91311 $161 90Q2 $102 96Q4 $141 City Terrace 90063 $137 90Q3 $98 98Q1 $112 Claremont 91711 $133 89Q3 $102 96Q1 $132 Commerce 90040 $158 90Q4 $123 97Q4 $140 Compton 90220 $109 91Q3 $90 95Q1 $103 90221 $112 92Q1 $92 97Q4 $104 90222 $112 92Q4 $89 97Q2 $107 Covina 91722 $140 90Q2 $112 97Q2 $130 91723 $139 90Q2 $108 97Q2 $131 91724 $136 89Q4 $109 97Q1 $132 Crenshaw 90008 $142 90Q3 $108 97Q2 $130 Culver City 90230 $226 89Q4 $157 95Q1 $225 90232 $235 90Q4 $144 93Q4 $245 Diamond Bar 91765 $149 89Q4 $107 95Q4 $136 Downey 90240 $166 91Q3 $123 96Q4 $149 90241 $164 90Q3 $122 97Q1 $148 90242 $156 90Q2 $122 96Q4 $146 Duarte 91010 $150 91Q3 $117 95Q1 $143 Eagle Rock 90041 $177 89Q4 $119 96Q3 $158 East L.A. 90022 $156 91Q2 $115 98Q1 $134 90023 $145 90Q4 $111 97Q1 $128 Echo Park 90026 $170 91Q3 $110 97Q1 $154 El Monte 91731 $153 90Q2 $110 96Q3 $133 91732 $145 90Q1 $107 98Q1 $116 91733 $147 90Q1 $113 97Q3 $122 El Segundo 90245 $222 90Q2 $173 96Q4 $244 El Sereno 90032 $140 90Q3 $102 95Q4 $123 Encino 91316 $217 89Q4 $132 95Q1 $199 91436 $236 90Q1 $145 95Q4 $209 Gardena 90247 $163 90Q1 $111 96Q2 $136 90248 $159 89Q2 $111 92Q4 $140 90249 $176 89Q3 $121 96Q3 $144 Glendale 91201 $207 89Q4 $146 96Q1 $210 91202 $219 90Q1 $142 94Q4 $203 91203 $211 90Q4 $115 96Q2 $171 91204 $194 90Q2 $110 93Q4 $168 91205 $188 90Q1 $118 97Q1 $169 91206 $205 89Q3 $134 96Q2 $183 91207 $224 90Q1 $149 96Q1 $206 91208 $215 89Q3 $146 96Q1 $206 91214 $213 90Q1 $148 96Q1 $209 Glendora 91740 $144 90Q2 $114 96Q4 $143 91741 $164 89Q3 $127 94Q4 $160 Granada Hills 91344 $158 89Q3 $99 96Q1 $138 Hancock Park 90004 $223 90Q3 $123 95Q1 $202 Harbor City 90710 $185 89Q4 $121 95Q3 $154 Hawaiian Gard 90716 $148 91Q4 $110 96Q4 $119 Hawthorne 90250 $191 89Q3 $124 97Q1 $158 Hermosa Beach 90254 $263 90Q1 $197 93Q3 $350 Highland Park 90042 $159 91Q4 $105 95Q4 $132 Hollywood 90028 $180 89Q4 $88 95Q1 $155 90038 $198 90Q1 $99 93Q4 $204 90068 $251 90Q1 $159 95Q2 $252 Huntington Pk 90255 $144 91Q3 $109 98Q1 $120 Inglewood 90301 $156 91Q4 $116 97Q3 $135 90302 $162 91Q2 $121 96Q4 $140 90303 $133 91Q3 $100 97Q1 $126 90304 $165 92Q2 $110 97Q2 $134 90305 $122 92Q4 $104 96Q4 $118 L.A. 90005 $210 89Q4 $106 95Q1 $163 90006 $126 91Q3 $61 96Q2 $104 90019 $166 90Q2 $96 96Q1 $154 90020 $258 89Q3 $112 94Q4 $212 90029 $166 90Q3 $91 94Q3 $128 La Canada 91011 $251 90Q3 $191 96Q1 $273 La Mirada 90638 $141 90Q4 $116 96Q1 $145 La Puente 91744 $130 90Q4 $102 97Q4 $114 91745 $152 89Q4 $111 96Q3 $130 91746 $133 90Q3 $103 96Q3 $120 91748 $146 90Q1 $108 95Q4 $134 La Verne 91750 $141 90Q2 $111 96Q2 $136 Ladera Heights 90056 $188 90Q3 $126 95Q1 $175 Lake Hughes 93532 $108 90Q3 $68 95Q4 $97 Lake Vw Ter 91342 $135 91Q3 $94 97Q1 $121 Lakewood 90712 $175 89Q3 $134 96Q3 $164 90713 $175 89Q3 $132 97Q1 $168 90715 $161 89Q4 $116 97Q3 $144 Lancaster 93534 $87 90Q2 $50 97Q3 $53 93535 $86 90Q2 $48 98Q1 $52 93536 $92 90Q1 $61 97Q1 $74 Lawndale 90260 $206 89Q3 $117 96Q2 $162 Lincoln Hts 90031 $147 91Q3 $93 97Q1 $117 Littlerock 93543 $95 90Q3 $56 97Q4 $58 Llano 93544 $109 90Q4 $53 97Q2 $90 Lomita 90717 $206 89Q2 $130 96Q3 $178 Long Beach 90802 $178 91Q2 $82 96Q3 $111 90803 $275 90Q2 $173 95Q1 $255 90804 $196 89Q3 $109 96Q2 $164 90805 $147 90Q2 $106 97Q1 $128 90806 $153 89Q3 $102 96Q4 $133 90807 $186 90Q2 $120 96Q1 $162 90808 $174 89Q3 $134 96Q3 $174 90810 $146 91Q1 $104 97Q3 $131 90813 $132 90Q1 $76 95Q2 $100 90814 $225 89Q3 $142 95Q3 $220 90815 $179 89Q3 $134 95Q3 $181 Los Feliz 90027 $221 90Q1 $139 95Q4 $227 Lynwood 90262 $132 92Q3 $105 98Q1 $120 Malibu 90265 $362 90Q2 $230 95Q2 $330 Manhattan Beach 90266 $239 91Q4 $203 93Q1 $377 Mar Vista 90066 $282 89Q4 $175 95Q1 $264 Marina del Rey 90292 $317 89Q3 $192 93Q4 $291 Maywood 90270 $153 91Q2 $120 98Q1 $130 Miracle Mile 90036 $230 89Q3 $136 94Q3 $226 Mission Hills 91345 $139 90Q2 $94 97Q1 $127 Monrovia 91016 $164 91Q3 $133 97Q2 $172 Montebello 90640 $159 90Q4 $118 97Q2 $141 Monterey Park 91754 $183 89Q4 $131 96Q1 $150 91755 $175 89Q3 $123 96Q4 $144 Montrose 91020 $223 90Q2 $133 94Q1 $200 Mt. Washington 90065 $162 90Q3 $110 96Q1 $149 Newhall 91321 $154 89Q3 $108 96Q2 $145 North Hollywood 91601 $185 90Q2 $112 97Q1 $164 91602 $219 90Q1 $134 95Q2 $220 91605 $150 90Q2 $97 96Q1 $127 91606 $163 91Q1 $107 96Q3 $140 91607 $193 90Q2 $116 96Q2 $182 Northridge 91324 $156 89Q3 $97 95Q4 $131 91325 $165 89Q4 $97 94Q4 $141 91326 $172 90Q1 $108 96Q4 $150 Norwalk 90650 $146 91Q2 $119 97Q1 $139 Pacific Pal 90272 $369 90Q3 $253 94Q1 $405 Pacoima 91331 $135 91Q3 $94 97Q2 $116 Palmdale 93550 $92 90Q2 $52 98Q1 $57 93551 $97 90Q1 $63 96Q1 $78 93552 $91 90Q1 $54 97Q4 $58 93591 $86 90Q3 $39 99Q2 $41 Paramount 90723 $143 90Q4 $111 97Q1 $123 Pasadena 91101 $170 91Q4 $70 92Q2 $121 91103 $149 91Q2 $109 97Q1 $149 91104 $179 89Q4 $136 96Q4 $181 91105 $240 90Q2 $167 94Q1 $223 91106 $220 90Q2 $170 94Q2 $232 91107 $200 90Q2 $146 95Q2 $194 Pearblossom 93553 $99 90Q3 $52 99Q3 $53 Pico Rivera 90660 $147 91Q1 $121 97Q4 $135 Playa del Rey 90293 $299 90Q2 $173 96Q1 $261 Pomona 91766 $116 90Q4 $89 97Q4 $105 91767 $104 91Q3 $82 96Q4 $94 91768 $105 90Q4 $78 97Q4 $89 Rancho Pal Ver 90275 $269 89Q3 $193 94Q2 $255 Redondo Beach 90277 $244 90Q1 $190 94Q1 $299 90278 $205 89Q3 $153 95Q2 $228 Reseda 91335 $157 90Q1 $98 96Q2 $130 Rolling Hills 90274 $284 90Q2 $203 93Q4 $299 Rosemead 91770 $165 90Q2 $119 97Q4 $141 San Dimas 91773 $145 90Q2 $113 96Q4 $140 San Fernando 91340 $137 91Q2 $95 97Q4 $125 91343 $146 90Q1 $95 96Q1 $126 San Gabriel 91775 $197 89Q3 $141 96Q4 $173 91776 $180 90Q2 $128 96Q4 $167 San Marino 91108 $288 89Q3 $217 96Q1 $275 San Pedro 90731 $209 89Q3 $125 96Q1 $193 90732 $223 89Q3 $150 96Q1 $202 Santa Fe Spr 90670 $142 91Q3 $117 97Q3 $141 Santa Monica 90402 $414 90Q1 $286 94Q3 $464 90403 $410 90Q3 $244 95Q4 $435 90404 $381 91Q2 $159 96Q2 $280 90405 $313 91Q3 $218 93Q4 $365 Saugus 91350 $139 90Q2 $109 95Q3 $141 Sherman Oaks 91403 $218 89Q4 $139 96Q1 $211 91423 $221 89Q3 $143 94Q4 $222 Sierra Madre 91024 $214 90Q2 $163 94Q3 $224 Silverlake 90039 $196 90Q3 $136 96Q1 $187 South Gate 90280 $152 91Q3 $121 97Q2 $132 South Pasadena 91030 $216 89Q4 $163 96Q1 $230 South-Central 90001 $127 92Q1 $98 97Q2 $116 90002 $108 92Q4 $90 97Q2 $105 90003 $114 91Q3 $93 96Q2 $110 90007 $105 90Q4 $56 96Q1 $86 90011 $103 91Q3 $83 97Q4 $100 90018 $118 92Q3 $84 96Q1 $101 90037 $99 92Q1 $78 95Q4 $95 90044 $113 91Q4 $91 97Q1 $105 90047 $116 92Q1 $96 96Q4 $111 90061 $108 91Q4 $91 97Q3 $102 90062 $103 92Q2 $84 95Q2 $107 Stevenson Ranch 91381 $177 89Q3 $97 95Q1 $148 Studio City 91604 $248 90Q2 $160 94Q4 $250 Sun Valley 91352 $152 90Q2 $102 97Q2 $130 Sunland 91040 $165 91Q1 $107 96Q4 $146 Tarzana 91356 $211 90Q2 $130 95Q3 $196 Temple City 91780 $179 90Q1 $138 95Q1 $168 Topanga 90290 $276 89Q4 $183 95Q4 $277 Torrance 90501 $198 90Q2 $135 96Q1 $182 90502 $180 90Q2 $117 95Q3 $159 90503 $231 89Q2 $173 95Q4 $229 90504 $209 90Q1 $141 96Q3 $182 90505 $235 89Q4 $166 93Q4 $234 Tujunga 91042 $176 90Q2 $106 97Q1 $149 Valencia 91354 $152 89Q4 $110 95Q4 $153 91355 $167 90Q1 $113 95Q4 $158 Van Nuys 91401 $173 90Q1 $107 95Q4 $156 91402 $155 90Q4 $96 97Q3 $124 91405 $147 89Q3 $94 97Q2 $120 91406 $162 90Q1 $100 97Q1 $134 91411 $187 89Q4 $109 96Q2 $170 Venice 90291 $288 91Q3 $181 95Q2 $321 Walnut 91789 $161 89Q4 $117 96Q4 $140 West Adams 90016 $131 92Q1 $97 97Q1 $121 West Covina 91790 $139 90Q1 $108 97Q3 $127 91791 $143 90Q2 $110 97Q1 $132 91792 $135 90Q1 $102 94Q4 $117 West Hollywood 90046 $266 90Q1 $178 95Q2 $275 90048 $261 90Q1 $150 95Q1 $286 90069 $336 90Q2 $210 93Q4 $373 West L.A. 90025 $323 89Q3 $186 95Q1 $328 90034 $246 89Q4 $141 95Q1 $228 90035 $239 89Q3 $147 95Q2 $246 90064 $304 89Q4 $193 94Q3 $287 Westchester 90045 $241 89Q4 $168 94Q4 $241 Westwood 90024 $343 90Q1 $209 93Q4 $366 Whittier 90601 $154 90Q1 $115 97Q2 $143 90602 $155 91Q3 $118 96Q2 $156 90603 $147 90Q1 $120 96Q2 $149 90604 $141 90Q1 $114 95Q4 $138 90605 $148 91Q4 $123 94Q1 $149 90606 $147 91Q3 $116 96Q4 $139 Willowbrook 90059 $106 92Q2 $84 96Q1 $95 Wilmington 90744 $144 90Q2 $110 95Q1 $124 Windsor Hills 90043 $126 92Q1 $103 95Q2 $123 Woodland Hills 91364 $187 90Q1 $118 94Q3 $179 91367 $173 90Q1 $111 94Q4 $164

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Orange County

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Community ZIP Previous Recession Current Code Peak Low Sq. Ft. Median Aliso Viejo 92656 $139 89Q4 $107 96Q3 $146 Anaheim 92801 $142 90Q2 $110 96Q2 $136 92802 $137 90Q3 $106 97Q2 $131 92804 $142 89Q4 $111 95Q4 $141 92805 $146 89Q4 $109 95Q2 $145 92806 $132 89Q3 $101 96Q1 $130 Anaheim Hills 92807 $148 90Q1 $110 95Q4 $142 92808 $162 90Q2 $121 96Q3 $162 Brea 92821 $143 90Q2 $115 96Q2 $146 Buena Park 90620 $152 89Q3 $120 95Q4 $151 90621 $137 91Q3 $99 96Q4 $127 Capistrano Beach 92624 $207 90Q1 $137 93Q4 $221 Corona del Mar 92625 $346 91Q1 $266 95Q1 $433 Costa Mesa 92626 $155 90Q2 $124 95Q2 $168 92627 $191 90Q1 $148 97Q1 $212 Cypress 90630 $153 89Q3 $120 96Q3 $150 Dana Point 92629 $197 90Q2 $142 94Q1 $219 Foothill Ranch 92610 $239 91Q4 $106 94Q1 $153 Fountain Valley 92708 $154 89Q3 $119 96Q1 $158 Fullerton 92831 $150 90Q1 $114 95Q4 $161 92832 $148 89Q3 $118 96Q4 $149 92833 $155 89Q4 $115 96Q2 $150 92835 $157 90Q1 $126 95Q2 $160 Garden Grove 92840 $145 90Q1 $114 97Q1 $147 92841 $145 90Q3 $111 95Q4 $146 92843 $143 90Q3 $114 95Q1 $146 92844 $137 92Q4 $102 96Q2 $127 92845 $170 90Q2 $130 96Q2 $172 Huntington Beach 92646 $170 90Q2 $134 95Q4 $177 92647 $172 89Q3 $138 95Q3 $186 92648 $183 90Q3 $140 96Q4 $190 92649 $200 90Q2 $162 96Q2 $214 Irvine 92604 $172 89Q4 $137 95Q4 $178 92606 $151 89Q4 $117 95Q3 $162 92612 $187 90Q2 $142 96Q1 $192 92614 $188 89Q4 $147 97Q1 $191 92620 $166 89Q4 $130 96Q2 $164 La Habra Heights 90631 $146 89Q4 $115 96Q3 $142 La Palma 90623 $152 89Q3 $110 96Q1 $144 Laguna Beach 92651 $345 90Q1 $279 95Q4 $434 Laguna Hills 92653 $159 89Q4 $121 93Q4 $173 Laguna Niguel 92677 $162 89Q3 $128 93Q4 $185 Lake Forest 92630 $143 89Q3 $111 96Q4 $151 Los Alamitos 90720 $204 89Q3 $159 95Q4 $214 Midway City 92655 $166 91Q4 $126 94Q4 $168 Mission Viejo 92691 $147 89Q4 $113 96Q1 $166 92692 $148 89Q3 $113 95Q4 $161 Newport Beach 92660 $247 89Q4 $202 96Q4 $271 92661 $516 91Q2 $318 95Q1 $470 92663 $356 90Q2 $269 93Q1 $397 Orange 92865 $143 89Q4 $109 96Q1 $144 92866 $171 90Q1 $126 96Q4 $198 92867 $155 90Q1 $119 96Q4 $156 92868 $146 90Q3 $112 98Q1 $139 92869 $148 90Q2 $112 95Q4 $157 Placentia 92870 $136 89Q4 $107 95Q4 $139 Rancho St. Marg 92688 $154 89Q2 $109 95Q4 $158 San Clemente 92672 $190 90Q1 $128 96Q1 $206 92673 $171 91Q3 $127 96Q4 $184 San Juan Cap 92675 $150 90Q1 $114 95Q4 $156 Santa Ana 92701 $145 90Q3 $104 96Q2 $138 92703 $139 91Q4 $108 96Q4 $143 92704 $144 90Q3 $113 97Q1 $143 92705 $168 90Q3 $127 96Q2 $172 92706 $145 91Q3 $113 95Q3 $148 92707 $153 91Q2 $115 96Q2 $148 Seal Beach 90740 $226 90Q1 $158 96Q1 $231 Silverado Canyon 92676 $216 91Q4 $144 96Q3 $234 Stanton 90680 $135 90Q3 $98 96Q2 $124 Trabuco Canyon 92679 $153 89Q3 $113 93Q4 $162 Tustin 92780 $138 90Q2 $109 95Q4 $138 92782 $159 90Q1 $118 95Q4 $163 Villa Park 92861 $187 90Q2 $143 96Q1 $198 Westminster 92683 $149 90Q1 $115 95Q3 $152 Yorba Linda 92886 $154 90Q1 $123 96Q1 $163 92887 $156 89Q3 $125 95Q4 $159

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San Diego County

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Community ZIP Previous Recession Current Code Peak Low Sq. Ft. Alpine 91901 $121 90Q4 $104 96Q1 $136 Bay Park 92110 $185 90Q1 $137 94Q1 $227 Bonita 91902 $126 90Q3 $104 96Q4 $133 Bonsall 92003 $144 91Q4 $91 92Q4 $119 Borrego Springs 92004 $87 92Q1 $70 96Q3 $77 Campo 91906 $107 91Q2 $72 95Q4 $134 Cardiff 92007 $174 89Q4 $141 93Q4 $226 Carlsbad 92008 $144 90Q2 $115 94Q2 $163 92009 $146 90Q1 $119 96Q1 $166 Chula Vista 91910 $126 90Q3 $107 97Q3 $131 91911 $114 92Q2 $100 97Q2 $123 91913 $137 90Q4 $105 97Q1 $129 91915 $124 90Q3 $102 96Q4 $129 Clairemont 92117 $151 90Q2 $123 96Q3 $176 College Grove 92115 $133 91Q1 $107 96Q4 $152 Coronado 92118 $223 92Q1 $203 94Q1 $330 Del Mar 92014 $228 91Q1 $194 94Q3 $283 Descanso 91916 $136 91Q4 $88 92Q3 $129 East San Diego 92102 $106 91Q2 $84 95Q1 $113 92105 $108 90Q3 $90 97Q1 $120 El Cajon 92019 $123 91Q3 $105 96Q2 $137 92020 $117 91Q2 $103 97Q2 $133 92021 $114 90Q2 $100 97Q1 $129 Encanto 92114 $103 92Q2 $88 97Q1 $112 Encinitas 92024 $157 90Q2 $129 93Q4 $190 Escondido 92025 $122 91Q2 $96 96Q1 $128 92026 $120 90Q2 $94 96Q1 $125 92027 $117 90Q2 $94 96Q1 $123 92029 $130 90Q3 $105 95Q3 $142 Fallbrook 92028 $124 90Q3 $93 95Q4 $126 Grantville 92120 $133 90Q2 $115 97Q1 $148 Hillcrest 92103 $197 90Q2 $155 96Q1 $246 Imperial Beach 91932 $132 92Q1 $106 97Q1 $135 Jamul 91935 $128 91Q4 $103 96Q2 $140 Julian 92036 $129 92Q4 $95 97Q2 $134 La Jolla 92037 $264 90Q2 $210 93Q4 $375 La Mesa 91941 $131 91Q3 $109 96Q3 $148 91942 $132 91Q1 $111 94Q2 $146 Lakeside 92040 $113 91Q3 $105 96Q2 $136 Lemon Grove 91945 $113 92Q1 $95 95Q1 $118 Linda Vista 92111 $136 90Q1 $115 95Q4 $161 Logan Heights 92113 $89 92Q4 $74 96Q4 $96 Mira Mesa 92126 $127 90Q2 $108 96Q1 $146 Mission Village 92123 $137 90Q3 $111 96Q1 $158 National City 91950 $110 92Q2 $92 96Q4 $115 Normal Heights 92116 $171 90Q3 $127 96Q4 $202 North City West 92130 $170 89Q4 $144 96Q1 $201 North Park 92104 $150 90Q3 $116 94Q4 $160 Ocean Beach 92107 $215 91Q3 $171 95Q1 $278 Oceanside 92054 $124 90Q1 $87 96Q4 $135 92056 $120 90Q1 $92 96Q2 $125 92057 $109 90Q1 $85 97Q1 $119 Pacific Beach 92109 $212 90Q2 $171 94Q4 $278 Paradise Hills 92139 $105 92Q1 $95 97Q1 $108 Pauma Valley 92061 $129 90Q1 $93 97Q3 $138 Pine Valley 91962 $117 89Q3 $98 93Q1 $148 Point Loma 92106 $209 90Q1 $165 94Q3 $234 Poway 92064 $131 90Q1 $120 96Q4 $163 Ramona 92065 $106 90Q3 $96 95Q3 $128 Rancho Bernardo 92127 $131 90Q2 $108 95Q2 $151 92128 $136 89Q4 $115 95Q3 $159 Rancho Penasquitos 92129 $124 89Q4 $107 95Q1 $149 Rancho Santa Fe 92067 $252 90Q3 $212 93Q4 $341 San Carlos 92119 $127 90Q4 $109 97Q1 $145 San Marcos 92069 $123 90Q3 $97 95Q3 $129 San Ysidro 92173 $108 91Q2 $89 96Q2 $109 Santee 92071 $117 92Q2 $108 96Q1 $142 Scripps Ranch 92131 $154 89Q4 $120 96Q4 $162 Solana Beach 92075 $203 91Q1 $168 94Q4 $273 South San Diego 92154 $110 91Q2 $97 95Q4 $118 Spring Valley 91977 $105 91Q3 $88 96Q4 $114 91978 $114 91Q3 $97 96Q1 $123 Tierrasanta 92124 $136 90Q3 $115 95Q1 $163 University City 92122 $177 90Q1 $134 96Q1 $198 Valley Center 92082 $131 90Q4 $101 97Q1 $137 Vista 92083 $120 90Q1 $91 96Q1 $123 92084 $122 90Q3 $89 95Q4 $126

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Riverside County

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Community ZIP Previous Recession Current Code Peak Low Sq. Ft. Median Banning 92220 $77 92Q1 $55 97Q2 $64 Beaumont 92223 $87 90Q3 $61 96Q4 $74 Blythe 92225 $62 91Q2 $54 92Q4 $62 Cabazon 92230 $67 91Q1 $15 95Q4 $56 Calimesa 92320 $96 91Q1 $72 96Q3 $85 Cathedral City 92234 $76 91Q2 $58 96Q1 $73 Coachella 92236 $67 91Q4 $53 94Q4 $65 Corona 91719 $109 90Q2 $80 96Q4 $104 91720 $114 90Q2 $61 98Q1 $109 Desert Hot Springs 92240 $65 91Q3 $43 96Q4 $50 92241 $92 91Q2 $46 96Q1 $88 Hemet 92543 $79 91Q4 $52 97Q4 $63 92544 $80 90Q3 $57 97Q3 $66 Homeland 92548 $101 92Q1 $39 99Q4 $39 Idyllwild 92549 $119 92Q4 $94 95Q1 $131 Indian Wells 92210 $168 92Q1 $124 97Q3 $152 Indio 92201 $77 91Q4 $61 97Q3 $70 92203 $175 90Q1 $37 94Q4 $125 Lake Elsinore 92530 $94 90Q3 $60 96Q3 $77 92532 $109 90Q2 $64 94Q2 $83 92595 $96 90Q3 $66 95Q1 $88 Lakeview 92253 $77 92Q1 $65 96Q1 $86 Mecca 92254 $104 90Q2 $39 94Q1 $48 Moreno Valley 92551 $88 90Q3 $58 97Q3 $64 92587 $101 90Q2 $73 95Q3 $100 Mountain Center 92561 $83 91Q1 $59 92Q2 $82 Murrieta 92562 $98 90Q1 $73 95Q2 $99 92563 $94 90Q2 $73 93Q3 $101 Norco 91760 $114 90Q3 $0 98Q4 $121 Nuevo 92567 $86 91Q3 $62 97Q3 $79 Palm Desert 92211 $98 90Q4 $76 97Q1 $105 92260 $100 90Q3 $79 96Q1 $108 Palm Springs 92262 $83 90Q3 $66 96Q1 $96 92264 $97 91Q4 $74 95Q3 $117 Perris 92570 $87 91Q3 $57 97Q1 $63 Rancho Mirage 92270 $124 91Q1 $93 96Q4 $122 Riverside 91752 $107 90Q3 $81 97Q2 $95 92501 $96 92Q2 $61 97Q1 $82 92503 $102 90Q4 $73 97Q2 $92 92504 $99 90Q3 $70 97Q1 $91 92505 $102 91Q3 $75 97Q1 $93 92506 $106 90Q3 $81 97Q1 $105 92507 $93 90Q3 $67 97Q1 $86 92508 $91 90Q2 $72 96Q1 $93 92509 $97 90Q3 $71 97Q2 $82 92553 $91 90Q3 $57 97Q3 $65 92555 $92 91Q2 $65 97Q1 $73 92557 $91 90Q2 $64 97Q2 $72 San Jacinto 92536 $94 90Q2 $38 92Q1 $82 92539 $115 90Q2 $30 92Q4 $85 92545 $82 90Q3 $57 96Q4 $68 92582 $98 88Q3 $55 98Q1 $63 92583 $80 90Q3 $52 96Q1 $59 Sun City 92571 $90 91Q4 $56 98Q3 $62 92584 $94 90Q3 $70 96Q4 $95 92585 $93 90Q3 $67 96Q1 $87 92586 $78 90Q3 $54 95Q1 $75 Temecula 92590 $156 90Q4 $46 92Q2 $126 92591 $110 90Q2 $77 96Q4 $101 92592 $106 90Q2 $79 96Q2 $102 Thermal 92274 $66 91Q3 $14 95Q2 $34 Thousand Palms 92276 $77 92Q2 $56 96Q4 $63 Winchester 92596 $119 91Q4 $63 94Q4 $109

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San Bernardino County

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Community ZIP Previous Recession Current Code Peak Low Sq. Ft. Median Adelanto 92301 $66 92Q3 $45 98Q4 $47 Alta Loma 91737 $123 89Q4 $93 95Q4 $118 Apple Valley 92307 $71 90Q4 $50 96Q3 $57 92308 $73 90Q4 $48 97Q1 $54 Barstow 92311 $57 92Q3 $49 99Q4 $49 Big Bear 92314 $91 90Q4 $73 95Q2 $87 92315 $105 91Q1 $89 95Q2 $110 92333 $106 91Q4 $72 95Q2 $113 92386 $87 91Q4 $65 97Q4 $77 Bloomington 92316 $96 91Q3 $64 97Q1 $71 Cedarpines Park 92322 $108 92Q4 $59 97Q1 $76 Chino 91710 $115 90Q1 $90 96Q4 $110 Chino Hills 91709 $130 89Q4 $101 97Q1 $128 Colton 92324 $89 91Q3 $64 97Q2 $73 Crest Park 92326 $128 92Q2 $56 96Q2 $85 Crestline 92325 $94 91Q3 $65 96Q1 $76 East Highland 92346 $86 91Q2 $67 97Q3 $78 Fontana 92335 $95 91Q2 $68 97Q2 $76 92336 $97 90Q3 $69 97Q2 $81 92337 $111 90Q2 $73 97Q2 $81 Forest Falls 92339 $126 92Q4 $84 96Q3 $92 Grand Terrace 92313 $93 91Q4 $73 97Q1 $89 92324 $89 91Q3 $64 97Q2 $73 Green Valley Lake 92341 $105 92Q3 $74 97Q3 $81 Helendale 92342 $79 90Q3 $57 98Q2 $63 Hesperia 92345 $72 91Q1 $49 97Q1 $55 Joshua Tree 92252 $53 91Q4 $39 97Q2 $43 Lake Arrowhead 92321 $96 90Q2 $55 98Q2 $63 92352 $109 91Q3 $90 96Q1 $108 Landers 92285 $49 90Q1 $23 95Q1 $39 Loma Linda 92354 $97 91Q3 $74 96Q1 $84 Lucerne Valley 92356 $64 91Q2 $38 98Q3 $45 Lytle Creek 92358 $123 91Q2 $58 92Q2 $82 Montclair 91763 $105 90Q4 $87 97Q3 $100 Morongo Valley 92256 $62 90Q4 $37 97Q3 $46 Needles 92363 $56 92Q4 $43 97Q1 $49 Newberry Springs 92365 $98 92Q1 $13 93Q1 $58 Ontario 91761 $112 90Q3 $85 96Q1 $100 91762 $108 90Q2 $85 96Q2 $102 91764 $108 91Q3 $82 97Q3 $99 Phelan 92371 $77 92Q2 $54 97Q3 $62 Pinon Hills 92372 $89 91Q1 $55 93Q1 $59 Rancho Cucamonga 91701 $118 90Q2 $91 96Q1 $109 91730 $110 90Q3 $88 97Q1 $108 91739 $129 90Q2 $97 96Q1 $114 Redlands 92359 $91 92Q1 $63 97Q3 $84 92373 $107 91Q2 $90 96Q4 $108 92374 $93 91Q4 $73 96Q4 $90 Rialto 92376 $86 91Q3 $60 97Q3 $68 92377 $92 90Q4 $66 97Q3 $77 Running Springs 92382 $99 91Q3 $71 96Q2 $84 San Bernardino 92404 $82 92Q1 $58 96Q4 $67 92405 $82 92Q2 $55 97Q4 $67 92407 $84 91Q2 $61 97Q2 $75 92408 $84 91Q3 $60 95Q1 $75 92410 $78 91Q3 $55 98Q2 $66 92411 $73 91Q4 $48 98Q1 $63 Trona 93562 $37 90Q4 $23 99Q1 $24 Twentynine Palms 92277 $54 92Q3 $38 98Q3 $44 Twin Peaks 92391 $102 92Q2 $65 97Q2 $74 Upland 91784 $135 89Q4 $97 95Q2 $120 91786 $113 90Q2 $90 96Q1 $111 Victorville 92392 $73 90Q4 $52 97Q1 $58 92394 $72 90Q3 $50 99Q1 $53 Wrightwood 92397 $115 91Q4 $85 97Q2 $99 Yucaipa 92399 $91 90Q3 $71 96Q4 $85 Yucca Valley 92284 $57 92Q1 $43 96Q2 $48

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Ventura County

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Community ZIP Previous Recession Current Code Peak Low Sq. Ft. Median Camarillo 93010 $153 89Q3 $115 95Q4 $154 93012 $168 89Q4 $127 95Q4 $166 Fillmore 93015 $145 90Q1 $101 97Q3 $129 Moorpark 93021 $147 89Q3 $111 97Q1 $149 Oak Park 91377 $172 90Q1 $142 93Q4 $183 Oak View 93022 $160 89Q3 $120 96Q1 $152 Ojai 93023 $168 89Q3 $137 95Q4 $178 Oxnard 93030 $143 89Q3 $102 97Q1 $127 93033 $141 89Q4 $101 96Q4 $127 93035 $184 89Q3 $114 96Q1 $150 Port Hueneme 93041 $158 90Q2 $110 95Q3 $137 Santa Paula 93060 $152 89Q4 $104 95Q4 $130 Simi Valley 93063 $144 89Q4 $109 95Q4 $142 93065 $140 89Q4 $110 95Q1 $145 Somis 93066 $169 90Q1 $120 97Q2 $152 Thousand Oaks 91320 $151 89Q3 $121 95Q4 $159 91360 $155 89Q4 $121 96Q4 $162 Ventura 93001 $185 90Q2 $121 96Q1 $176 93003 $165 89Q2 $122 95Q3 $167 93004 $156 89Q2 $114 96Q2 $155 Westlake Village 91361 $168 90Q2 $146 96Q4 $193 91362 $168 89Q3 $134 95Q1 $174

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Source: Acxiom/DataQuick