Los Angeles home prices stay near $956,000 despite population loss

Los Angeles lost 10,000 residents last year while the county lost 64,000, the largest county-level decline in the state. Despite the drop, the average home value stands at $956,465, down 1.2 percent over the past year according to Zillow data.

Household size trends One- to two-person households are increasing while three-or-more-person households are decreasing. The average household size in the county has fallen to 2.81, U.S. census data show. Experts said smaller households require more housing units even as total population declines. Existing homes and apartments that once housed larger groups now accommodate fewer people.

Supply and income factors California has not built housing fast enough to match demand, experts said. A report last month found that residents leaving the state tend to have lower incomes than those who remain or move in. Higher-income households that stay or arrive can support elevated prices, so the market has not adjusted downward. Home prices have doubled over the past decade.

“People are moving out of LA, but households are becoming smaller, so the number of households that require housing is actually rising.”