"Southern California home prices dropped again in December, capping off a yearlong skid that saw the average home value in the six-county region drop by more than $7,000. In December, the average home price fell to $854,993, according to data from Zillow. Prices were down 0.1% month over month and 1.3% year over year. It's the lowest that Southern California home values have been since March 2024."
"Until the recent declines, July 2023 was the last time that year-over-year prices had fallen. Back then, rising mortgage rates were knocking many buyers out of the market. Values started increasing again when the number of homes for sale plunged as sellers backed away, unwilling to give up mortgages they took out earlier in the pandemic with rates of 3% or lower."
Zillow data show the average Southern California home price fell to $854,993 in December, down 0.1% month-over-month and 1.3% year-over-year, the lowest level since March 2024. The six-county region recorded a yearlong decline with values dropping by more than $7,000. High mortgage rates, increasing inventory and economic uncertainty from tariffs have slowed buyer activity. Many existing homeowners retain pandemic-era mortgages below 3%, limiting listings, though some sellers are starting to move. First-time buyers without equity remain largely shut out. Economists warn that a recession driven by policy changes could push prices down further. In L.A. County, listings dipped to 16,655 homes (a 9% drop) with only 3,520 new listings (a 19% drop).
Read at Los Angeles Times
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