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Subject: Survey

CoreLogic: Low Inventory, High Mortgage Rates Dampen September Southern California Home Sales


CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released its monthly Southern California home sales report for September 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.

Key Takeaways:

"Southern California housing markets continue to struggle with low inventory and a lack of new construction, both of which have converged to drive home sales in the region to the lowest level since 2007," said Selma Hepp, chief economist for CoreLogic. "But given that homebuyer demand in Southern California still outpaces the number of homes for sale, pressure on prices persists. The latest US CoreLogic S&P Case-Shiller Index showed that monthly home price gains in both the San Diego and Los Angeles metro areas are still above their seasonal averages, both up by about 9% since the beginning of 2023."

"Coastal Southern California's home price growth so far in 2023 partially reflects demand from buyers who are migrating from relatively more expensive markets in the Bay Area," Hepp continued. "Meanwhile, higher mortgage rates are impacting the housing market in the Inland Empire, where Southern California homebuyers often migrate in search of better affordability. Riverside and San Bernardino counties both posted annual home price declines in September, and this trend is likely to continue as rates increase."

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 provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences that build better relationships, strengthen businesses and ultimately create a more resilient society. For more information, please visit www.corelogic.com.

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