If you need assistance, please call 949-441-9918

CORELOGIC HOUSING MARKET UPDATE FOR SOUTHERN CALIFORNIA: MAY 2024

Thursday, May 16, 2024   /   by Bob Cowan

CORELOGIC HOUSING MARKET UPDATE FOR SOUTHERN CALIFORNIA: MAY 2024



Housing Market May 2024

CoreLogic® has unveiled its latest findings on residential home sales in Southern California for March 2024. The report encompasses data concerning both new and previously owned single-family homes, as well as resale condominiums across six counties in the area: Los Angeles, Orange, Riverside, San Bernardino, San Diego, and Ventura.
Dr. Selma Hepp, CoreLogic's chief economist, commented, "Southern California's housing markets are experiencing a period of stagnation due to elevated mortgage rates, affordability hurdles, and a stagnant sellers' market." She further noted, "Although robust buyer demand persists, evidenced by ongoing home price escalation and heightened competitiveness in the region, sales are declining due to a persistent shortage of available properties and sellers' reluctance to relinquish their homes to preserve advantageous mortgage rates and tax bases."



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.

 

Media Contact

Robin Wachner

CoreLogic

newsmedia@corelogic.com

This article was initially published on CoreLogic.  You can find it by clicking here.

 

CoreLogic provide property industry professionals with access to big data and cutting-edge analytics solutions, including location intelligence. Experts are also available to help support software implementation and offer consulting expertise to power digital transformations.

#SoCalHousing #May2024MarketUpdate #CoreLogicData #RealEstateTrends #HomeSalesAnalysis #SoCalPropertyMarket #ResidentialRealEstate #HousingMarketTrends #SouthernCaliforniaHomes #MarketInsights


  bob cowan, your home sold guaranteed

Platinum Living Realty
Bob Cowan
120 Newport Center Drive
Newport Beach, CA 92661
949-441-9918
DRE# 01970237

Based on information from California Regional Multiple Listing Service, Inc. as of July 15, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
This site powered by CINC: www.cincpro.com