Southern California housing market hits 10-year low

By on November 1, 2018

The Southern California housing market might finally be cooling down.

Sales of houses and condominiums in September were down nearly 22 percent compared with August and 17.7 percent year over year, Irvine-based CoreLogic reported yesterday.

Total sales in the six-county region were 17,369, the lowest number for that month since 2007, when 12,455 homes were sold. All six markets – the Inland Empire plus Los Angeles, Orange, San Diego and Ventura counties – posted double-digit drops in sales compared with September 2017.

“The double whammy of higher prices and rising mortgage rates has priced out some would-be buyers and prompted others to take a wait-and-see stance,” said Andrew LePage, an analyst with CoreLogic, in the statement.

Southern California’s median home price in September was $523,000, a 2.2 percent drop from August but a 3.6 increase year over year.

In the Inland Empire, sales were down 10.1 percent in Riverside County and 16.4 in San Bernardino County compared with September 2017.

Median prices – $389,000 in Riverside County and $330,000 in San Bernardino County – were year-over-year increases of 8.1 percent and 1.5 percent, respectively, CoreLogic reported.