CoreLogic recently released their monthly report on the Southern California Housing Market for March 2024, shedding light on the state of residential real estate in the region. According to Dr. Selma Hepp, CoreLogic's chief economist, the market continues to face challenges, including high mortgage rates and affordability issues, leading to a stagnation in sales activity.
Southern California Market Conditions:
Despite solid buyer demand, the Southern California housing market is grappling with various obstacles, including a scarcity of inventory and sellers reluctant to list their properties amidst favorable mortgage rates and tax benefits. This reluctance contributes to a frozen sellers’ market, limiting the number of homes available for sale and further driving up prices.
Median Home Prices:
The median sales price for properties across Southern California stood at $753,000 in March 2024, marking a notable year-over-year increase of 7.6% for the region. All six counties within Southern California observed gains in median home prices compared to the previous year. Notably, Orange County recorded the highest median sales price at $1.15 million, followed by San Diego, Los Angeles, Ventura, Riverside, and San Bernardino counties.
The total median sales price for Southern California increased from $700,000 in March 2023 to $753,000.
Regional Trends:
Orange County stands out as the priciest market in Southern California, reflecting a robust housing demand and limited inventory. Conversely, San Bernardino County boasts more affordable housing options, attracting buyers seeking lower-priced properties.
County-wise Changes for Home Prices
- Los Angeles County: The median sales price in Los Angeles County rose from $800,000 in March 2023 to $850,000 in March 2024, indicating a 6.3% increase.
- Orange County: Orange County saw a significant jump in its median sales price, soaring from $980,000 in March 2023 to $1,150,000 in March 2024, marking a 17.3% increase.
- Riverside County: In Riverside County, the median sales price increased from $535,000 in March 2023 to $577,000 in March 2024, representing a 7.9% rise.
- San Bernardino County: San Bernardino County experienced a modest increase in its median sales price, climbing from $480,000 in March 2023 to $500,000 in March 2024, indicating a 4.2% rise.
- San Diego County: The median sales price in San Diego County surged from $790,000 in March 2023 to $865,000 in March 2024, reflecting a 9.5% increase.
- Ventura County: Ventura County witnessed a rise in its median sales price from $775,000 in March 2023 to $825,000 in March 2024, with a 6.5% increase.
County-wise Home Sales Volume Changes
- Los Angeles County: Home sales volume in Los Angeles County dropped from 4,965 in March 2023 to 4,517 in March 2024, reflecting a -9.0% decline.
- Orange County: Orange County experienced a marginal decrease in home sales volume from 2,078 in March 2023 to 2,066 in March 2024, marking a -0.6% change.
- Riverside County: Riverside County saw a decline in home sales volume from 3,168 in March 2023 to 2,986 in March 2024, representing a -5.7% decrease.
- San Bernardino County: In San Bernardino County, home sales volume decreased from 2,068 in March 2023 to 1,788 in March 2024, indicating a -13.5% drop.
- San Diego County: San Diego County reported a decline in home sales volume from 2,538 in March 2023 to 2,306 in March 2024, showing a -9.1% decrease.
- Ventura County: Ventura County recorded the largest decline in home sales volume across the region, dropping from 601 in March 2023 to 513 in March 2024, marking a -14.6% decrease.
