Southern California transactions “continued to find a new nadir in August,” with 2023 on track to be the slowest year on record, CoreLogic reported.
Homebuyers are feeling the pinch as rising rates and high home prices curb their buying power. New CoreLogic figures show sales fell to the lowest level for an August in at least 36 years. Buying a Southern California home became even more challenging in late summer, with shoppers contending with high prices, higher mortgage rates and continued competition for a limited number of properties for sale, new housing figures show.Nearly half of all homes sold above their asking price vs.
The median price of a Southern California home — or the price at the midpoint of all sales — dipped to $735,000 in August, down from $740,000 the month before, real estate data firm CoreLogic reported Tuesday, Oct. 3. The region recorded just under 113,000 home sales so far this year, meaning 2023 is on track to go down as the slowest year in records dating back to 1988.
“They stepped out of the market hoping it would ease. Instead, it just kept going up,” Wycoff said. “Now, they want to get in before they can’t .”Amid California market plunge, Realtors forecast rising prices, sales in 2024One silver lining for today’s home shoppers, Wycoff said: “In 2021, they were seeing 30 offers . Now, they’re seeing half as many.”
Southern California had just over 42,700 homes listed for sale in August, down 28% from the year before, Redfin figures show. It’s the lowest number for an August in more than a decade.
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