Monrovia Area Home Prices Continue to Rise
MONROVIA, CA - Although home prices continue to rise nationwide, experts believe that there will be a temporary decline as more consumers become priced out of the market.
A leading housing market index, the S&P CoreLogic Case-Shiller Index, shows 1.8 percent price growth in the Los Angeles-Long Beach-Glendale CA Metropolitan Division from May to June. June 2021 prices increased 17.6 percent over June 2020 prices.
Prices in the bottom third of the market in the Los Angeles-Long Beach-Glendale CA Metropolitan Division - those priced under $720,000, often called starter homes - increased 19.4 percent. Homes priced over $1,084,000 (the top third of the market) increased by 17 percent.
CoreLogic data shows that national home prices increased by 1.8% from June to July 2021. Between July 2020 and July 2021, prices increased 18 percent, the highest in 45 years.
The prices of single-family homes have grown by 19.7%, while those of attached properties such as condominiums have grown by 11.6 percent.
As more buyers are priced out of the market, the market is expected to grow at 2.7 percent by July 2022.
A metropolitan area is loosely defined as a region that encompasses Los Angeles, Long Beach, and Glendale in California. Areas with strong ties to the economy are identified by the Census Bureau. Multiple counties are included in many MSAs.