CoreLogic Southern California Housing Market Update: May 2024 – CoreLogic

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CoreLogic® has released its monthly residential Southern California home sales numbers for March 2024. This includes data for new and resale single-family homes and resale condominiums from six counties in the region: Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura.

“Southern California housing markets continue to stagnate given high mortgage rates, affordability challenges and a frozen sellers’ market,” said Dr. Selma Hepp, chief economist for CoreLogic. “Solid buyer demand is reflected in the region’s continued home price growth and renewed competitiveness, while sales are retracting due to a persistent inventory shortage, as well as sellers’ disincentives to let go of their homes so they can hold on to low mortgage rates and tax bases.”

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Southern California March 2024 Median Home Sales Prices

  • The median sales price for all tracked properties in Southern California was $753,000 in March, a year-over-year increase of 7.6% for the region. All six counties in the region posted year-over-year home price gains: Orange (17.3%), San Diego (9.5%), Riverside (7.9%), Ventura (6.5%), Los Angeles (6.3%) and San Bernardino (4.2%).
  • Orange County again posted the highest median sales price in Southern California, at $1.15 million, followed by San Diego ($865,000), Los Angeles ($850,000), Ventura ($825,000), Riverside ($577,000) and San Bernardino ($500,000) counties.
County Median Sales Price March 2023 Median Sales Price March 2024 Year-Over-Year Change
Los Angeles $800,000 $850,000 6.3%
Orange $980,000 $1,150,000 17.3%
Riverside $535,000 $577,000 7.9%
San Bernardino $480,000 $500,000 4.2%
San Diego $790,000 $865,000 9.5%
Ventura $775,000 $825,000 6.5%
Southern California Total $700,000 $753,000 7.6%

Southern California March 2024 Home Sales Activity

  • Southern California home sales volume decreased by -8.1% from March 2023, with all six counties posting annual declines.
  • Ventura County posted the region’s largest annual home sales decline, at -14.6%, followed by San Bernardino (-13.5%), San Diego (-9.1%), Los Angeles (-9%), Riverside (-5.7%) and Orange (-0.6%) counties.
County Home Sales Volume March 2023 Home Sales Volume March 2024 Year-Over-Year Change
Los Angeles 4,965 4,517 -9.0%
Orange 2,078 2,066 -0.6%
Riverside 3,168 2,986 -5.7%
San Bernardino 2,068 1,788 -13.5%
San Diego 2,538 2,306 -9.1%
Ventura 601 513 -14.6%
Southern California Total 15,418 14,176 -8.1%

Note: Data in this release is taken from county records and not from local multiple listing services.

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