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Los Angeles metro area home prices predicted to keep rising

October 23, 2012|By Alejandro Lazo
  • A house is on the market in Pacific Palisades.
A house is on the market in Pacific Palisades. (Michael Nelson / European…)

Home prices in the Los Angeles area are set to rise moderately over the next year, real estate website Zillow.com predicts.

A report released by the website Tuesday found that home prices have risen 2.7% over the last year in the Los Angeles metro area -- which consists of Los Angeles and Orange counties -- to hit $397,000 by the end of the third quarter.

The website called a bottom for the Los Angeles area in the first quarter of 2012 and expects home prices to increase 3.5% throughout the region over the next year, according to its report.

Nationally , the website saw home prices rise 1.3% from the second quarter to the third quarter, the largest quarterly gain since March 2006, and the year-over-year change saw prices rise 3.2%.

The median price nationally was $153,800. The website predicts home prices to rise 1.7% over the next year across the U.S.

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