It was the No. 1 slowest-selling December in records dating to 1988.
The year’s sales drop ranked eighth-largest over 35 years. Plus, it was 50% below December’s average sales since 1988.
Surging mortgage rates also cut buying power by 35% in a year, making the region’s high home prices even more unaffordable. In the six-county Southern California region in the past year, sales fell 47% to 12,751. The median sales price rose just a scant 0.7% to $686,000.Los Angeles County had 3,984 closings, down 3% in a month and 48% lower in a year. Orange County had 1,788 sold, down 2% in a month and 40% lower in a year.In Los Angeles County, the $775,000 median was down 1.
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