Southern California home prices hit record highs in April, although sales sagged as homes became increasingly unaffordable.
Southern California’s housing market remains overheated, with home prices hitting all-time highs despite soaring inflation and rising mortgage rates.
The median price of a Southern California home – or price at the midpoint of all sales – hit a record-high $760,000 in April, up $109,000, or 16.7%, from a year earlier, according to CoreLogic figures released Wednesday, May 18, by data firm DQNews. That’s equivalent to a price hike of almost $2,100 every week for the past year.in the DQNews/CoreLogic housing report, with median home prices ranging from $519,000 in San Bernardino County to $1.05 million in Orange County.
Meanwhile, sales in the region decreased 18.9% to 21,486 transactions last month, DQNews/CoreLogic figures showed. That’s the biggest year-over-year sales drop since the pandemic panic of May 2020, almost two years earlier. The market “is moderating … as higher mortgage interest rates and soaring home prices are starting to have an adverse impact on housing demand,” Levine said.increased slightly after dropping steadily over the past several years, Zillow figures show. Southern California had close to 31,000 homes for sale in April, up from March but still 26% below year-ago levels.
“That’s why we are seeing sales declines on a year-over-year basis,” Hepp said. “Strong price growth continues to reflect the imbalance between demand and supply, even if some of the demand has been reduced due to higher rates.”
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