Wolf Street: House prices soared by 14.6% from a year ago, according to the National Case-Shiller Home Price Index, the biggest increase in the data going back to 1987. But it pales compared to the raging mania that has taken hold of individual metros.
Today’s release, called “April,” is based on a three-month average of sales recorded in public records in February, March, and April, of deals made a month or two earlier. So that’s the time frame. The metros here – the most splendid housing bubbles – are in order of the biggest house price increases since the year 2000:
Los Angeles metro:
Prices of single-family houses in the Los Angeles metro jumped by 1.8% in April from March and by 14.7% year-over-year. All Case-Shiller Indices were set at 100 for January 2000. The index value for Los Angeles of 339 indicates that house prices soared by 239% since January 2000, despite the collapse during the Housing Bust, which makes Los Angeles the most splendid housing bubble on this list.