As we close in on the end of 2024, Southern California’s housing market has shown resilience, with steady price increases despite a slight dip in home sales volume. According to CoreLogic’s latest data for September 2024, the median sales price for all residential properties across the six counties in Southern California reached $765,000, marking a 5.5% year-over-year increase. This reflects the region’s ongoing demand for housing, with price gains observed across nearly all counties.
Key Market Insights:
- Median Sales Prices by County:
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- Orange County continues to lead with the highest median sales price at $1.18 million, a notable 11.6% increase from September 2023.
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- San Diego followed closely, posting a 6.2% rise to a median price of $880,000.
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- Los Angeles experienced a more modest 1.6% increase, bringing its median sales price to $850,000.
- Other counties like Riverside, San Bernardino, and Ventura showed smaller but still positive changes, with Riverside up 5.4% to $579,500.
- Sales Volume Declines: Despite price growth, Southern California saw a 5.9% decrease in overall home sales from September 2023 to September 2024. Five out of the six counties experienced drops in sales, with San Bernardino leading the decline at -18.2%.
- Los Angeles County bucked the trend, seeing a slight 1.5% increase in home sales volume, reaching 4,281 sales.
What This Means for Buyers and Sellers:
- Price Increases Reflect Strong Demand: The consistent rise in median home prices, especially in high-demand areas like Orange and San Diego counties, signals that buyers are still willing to pay a premium for properties in these markets. For sellers, this could mean an opportune moment to capitalize on rising values, particularly in areas where price growth outpaces other regions.
- Sales Volume Declines: The slight dip in sales volume across the region could be attributed to several factors, including higher mortgage rates and market uncertainties. However, Los Angeles County’s increase in sales volume suggests that there is still activity in the market, particularly in more accessible price brackets.
Implications for Financing:
For prospective buyers, understanding the shifting market dynamics is essential in making informed decisions. Rising home prices, while encouraging for sellers, mean that securing favorable financing terms is more important than ever. Whether considering a conventional loan, a FHA loan, or exploring jumbo loan programs, working with a trusted mortgage expert like Peak Finance can help you navigate the changing landscape.
For investors and homebuyers alike, Peak Finance offers a variety of loan programs tailored to Southern California’s competitive housing market. As the market continues to evolve, staying informed and prepared will be key to achieving your real estate goals.
Have questions?
If you or anyone you know has questions about financing or the current housing market, your expert Los Angeles mortgage brokers at Peak Finance are here to help. Contact us today at info@peakfinanceco.com.