Subjects: Product/Service, Economic News/Analysis
CoreLogic: Southern California Home Sales Down by Nearly 25% Year Over Year in June
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released its monthly Southern California home sales report for June 2023. The report 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.
"While an exceptionally low inventory of homes is constraining sales activity in Southern California, it is also fostering a competitive environment for prospective buyers and again driving price growth," said Selma Hepp, chief economist for CoreLogic. "After four months of increases, home prices are now about 5% higher in Southern California's coastal areas than they were before they bottomed out in the early months of 2023."
"Unfortunately," Hepp continued, "the Inland Empire, which has historically benefitted from relative affordability, is now contending with challenges created by home price surges over the last couple of years and more recent mortgage rate increases, both of which are holding back sales volume and price gains in that region. Looking forward, upward pressure on home prices is likely to continue, as there is no indication of an inventory boost. As a result, appreciation in Southern California is projected to remain elevated, with annual home price gains registering around 6% to 8% by the summer of 2024."
Key Takeaways:
- Southern California's median home sales price was $730,000 in June, down by -0.7% year over year.
- Orange County posted Southern California's highest median sales price for all tracked residential property types in June, at $1,059,000. It was followed by San Diego ($835,000), Los Angeles ($830,000), Ventura ($807,000), Riverside ($560,000) and San Bernardino ($475,000) counties.
- Three of six Southern California counties saw annual median home price losses from June 2022, led by San Bernardino, where prices declined by -5%. The other three saw slight annual appreciation, led by Orange County at 3.3%.
- Southern California home sales volume declined by -24.3% year over year in June.
- All six counties saw home sales drop on an annual basis in June, ranging from -16.6% in Orange County to 35.6% in Ventura County.
Table 1: Southern California Median Sales Price
All Homes |
6/1/2023 |
Month-Over-Month Change |
Year-Over-Year Change |
|
Los Angeles |
$830,000 |
3.8% |
-2.4% |
|
Orange |
$1,059,000 |
5.9% |
3.3% |
|
Riverside |
$560,000 |
0.6% |
-2.9% |
|
San Bernardino |
$475,000 |
-1.0% |
5.0% |
|
San Diego |
$835,000 |
2.8% |
3.1% |
|
Ventura |
$807,000 |
0.3% |
0.2% |
|
Southern California |
$730,000 |
2.1% |
-0.7% |
Table 2: Southern California Home Sales
All Homes |
6/1/2023 |
Month-Over-Month Change |
Year-Over-Year Change |
|
Los Angeles |
5,278 |
2.4% |
-22.7% |
|
Orange |
2,296 |
-0.3% |
-16.6% |
|
Riverside |
3,278 |
-1.4% |
-25.7% |
|
San Bernardino |
2,269 |
2.7% |
-28.7% |
|
San Diego |
2,581 |
-5.0% |
-24.5% |
|
Ventura |
618 |
-3.9% |
-35.6% |
|
Southern California |
16,320 |
-0.2% |
-24.3% |
Note: Data in this release is taken from county records and not from local multiple listing services.
Source: CoreLogic
The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at [email protected]. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
About CoreLogic
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo, CoreLogic HPI and CoreLogic HPI Forecast are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.
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