The latest Case-Shiller numbers show a 19.2 percent jump in May compared with a year earlier - not quite the pace of SF (24.5 percent) or Las Vegas (23.3 percent), but probably too fast to last much longer. At least that's how Zillow economist Svenja Gudell sees it. "It's increasingly critical that the average American homeowner not read numbers like today's Case-Shiller results and assume their homes must also have appreciated at these levels over the past year, or will continue to appreciate at these levels going forward," writes Gudell (via Business Insider), calling the recent gains "not normal, not sustainable and, frankly, not very believable." A big reason for L.A.'s price gains is the limited number of homes on the market (as well as the large numbers of buyers paying all cash). Potential sellers are holding off because they don't want to be stuck over-paying for a home - assuming they could even outbid deep-pocketed buyers. All of which speaks to a volatile, uneven housing market. Best case scenario over the next few months is cooling demand and increasing inventory.
More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAXSocal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the HomogenoceneOne last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
New at LA Observed
On the Politics Page
Go to Politics
Sign up for daily email from LA Observed