The Southern California housing market, long characterized by its dynamic fluctuations, is experiencing a thaw after a prolonged period of decline. Dr. Selma Hepp, CoreLogic's esteemed chief economist, notes with cautious optimism that after approximately 30 months of year-over-year decreases in home sales, there's finally a glimmer of hope. According to the CoreLogic, the uptick in new listings, coupled with a temporary dip in mortgage rates, has breathed new life into the market, paving the way for what promises to be a promising spring homebuying season.
Median Home Sales Prices
In February 2024, the median sales price for homes in Southern California stood at a robust $740,000, marking an 8% increase from the previous year. This surge in prices underscores the robust demand from homebuyers in the region, reflecting a continued trend of appreciation in property values. All counties in the region witnessed year-over-year price gains, with Orange County leading the pack at a staggering $1.1 million, followed by Los Angeles, San Diego, Ventura, Riverside, and San Bernardino.
County-wise Median Sales Price Comparison (February 2023 vs. February 2024)
- Los Angeles: The median sales price in Los Angeles rose from $765,000 in February 2023 to $845,000 in February 2024, reflecting a notable 10.5% increase.
- Orange: Orange County saw a substantial rise in median sales price, soaring from $950,000 in February 2023 to $1,110,000 in February 2024, marking an impressive 16.8% increase.
- Riverside: Riverside County experienced moderate growth, with the median sales price increasing from $540,000 in February 2023 to $567,500 in February 2024, reflecting a 5.1% uptick.
- San Bernardino: San Bernardino County witnessed a steady increase in median sales price, climbing from $470,000 in February 2023 to $490,000 in February 2024, representing a 4.3% rise.
- San Diego: San Diego County saw healthy appreciation, with the median sales price rising from $750,000 in February 2023 to $825,000 in February 2024, indicating a solid 10.0% increase.
- Ventura: Ventura County experienced robust growth, with the median sales price escalating from $740,000 in February 2023 to $823,500 in February 2024, reflecting an impressive 11.3% surge.
Home Sales Activity
February 2024 witnessed a notable increase in home sales volume across Southern California, indicating a resurgence in buyer confidence and activity. All six counties reported annual gains, with Orange County leading the charge with a remarkable 21.2% surge in home sales, followed closely by San Bernardino, Ventura, Los Angeles, Riverside, and San Diego.
County-wise Home Sales Volume Comparison (February 2023 vs. February 2024)
- Los Angeles: Home sales in Los Angeles County rose from 3,385 in February 2023 to 3,746 in February 2024, reflecting a solid 10.7% increase.
- Orange: Orange County witnessed a substantial uptick in home sales volume, increasing from 1,464 in February 2023 to 1,775 in February 2024, marking an impressive 21.2% rise.
- Riverside: Riverside County experienced a notable increase in home sales, rising from 2,336 in February 2023 to 2,576 in February 2024, indicating a 10.3% uptick.
- San Bernardino: San Bernardino County saw steady growth in home sales volume, climbing from 1,556 in February 2023 to 1,767 in February 2024, reflecting a solid 13.6% increase.
- San Diego: San Diego County reported healthy growth in home sales, increasing from 1,940 in February 2023 to 2,132 in February 2024, marking a 9.9% rise.
- Ventura: Ventura County witnessed a robust increase in home sales volume, rising from 391 in February 2023 to 434 in February 2024, indicating an impressive 11.0% surge.
Data for this report is sourced from county records rather than local multiple listing services, ensuring comprehensive and accurate insights into the Southern California housing market.
The upward trajectory in both median home prices and sales volume signifies a resurgence in buyer confidence and activity, painting a promising picture for the region's real estate landscape in the months ahead. As the market continues to evolve, staying informed about these trends is crucial for both buyers and sellers looking to make informed decisions in Southern California's vibrant housing market.
