Home prices in the Los Angeles metro area have been on a steady climb since earlier this year and that trend is expected to continue throughout 2013, according to a report from Zillow.com.
In the next calendar year, home prices in the Los Angeles area are expected to increase another 3.5 percent. Home prices currently average $397,000 in Los Angeles and Orange counties. That is an increase of 2.7 percent from this time last year, Zillow reports.
Home prices in the L.A. area have been rising since the first quarter of 2012, according to the Times report. A look at the entire U.S. housing market shows home prices in Los Angeles are increasing faster than the national rate and will continue to do so next year. According to Zillow, home prices nationally increased by 1.3 percent from the second quarter to the third quarter of 2012. The Los Angeles Times reports that is the biggest quarterly gain in the national housing market since March 2006.
As for 2013, the real estate web site expects home prices nationally to increase by another 1.7 percent. The current median price for a home in the United States is $153,800.