Home values in Los Angeles and Orange counties softened in the past year as economic challenges outweighed fears that January’s wildfire destruction could propel prices even higher.

My trusty spreadsheet peeked at a report from Zillow tracking total home values in the nation’s 50 largest metropolitan areas – including six in California. Zillow combines its valuations for all homes in various communities. Mortgage liabilities were not deducted from these values.

The report, which examined pricing for the year ending in June and the pandemic era (February 2020 through June 2025), revealed that L.A.-O.C. homes are now collectively valued at $3.9 trillion, according to this math.

Just how big is that? It’s 7% of the nation’s $55 trillion valuation, No. 2 among the 50 metros and trailing o

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