"In September, the average home price across the six-county Southern California region fell 0.4% from August to $860,109, according to data from Zillow. Prices were down 1.8% compared to September 2024. Economists and real estate agents say a variety of factors has slowed the market, including high mortgage rates, rising inventory and economic uncertainty stemming from tariffs. Until the recent declines, July 2023 was the last time that year-over-year prices had fallen."
"Back then, rising mortgage rates were knocking many buyers out of the market. Values started increasing again when the number of homes for sale plunged as sellers backed away, unwilling to give up mortgages they took out earlier in the pandemic with rates of 3% and lower. The inventory picture, however, is changing. In September, there were 23% more homes for sale than a year earlier in Los Angeles County, with similar increases elsewhere in Southern California."
Southern California average home price across the six-county region fell 0.4% from August to $860,109 in September and was 1.8% lower than a year earlier. Rising inventory, high mortgage rates and economic uncertainty from tariffs have slowed sales. Inventory increased about 23% in Los Angeles County and similar rises occurred elsewhere, prompting more listings to receive price cuts. Many homeowners are deciding to move despite holding pandemic-era mortgages below 3%, while first-time buyers remain largely priced out. Fire-driven rent increases are reshaping the rental market and Zillow expects modest price recovery by September 2026.
Read at Los Angeles Times
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