The Southern California housing market has seen a slight decline, with average home prices dropping 0.2% to $867,042 in December, marking five months of decreases. Despite this downturn, prices remain 4.3% higher than last year, although annual growth has slowed significantly from a peak of 9.5% in April. Economists note that seasonal trends contribute to this decline, compounded by additional housing demand following the Palisades and Eaton fires. The rental market is also evolving, with increased vacancies driving rents down, albeit still at high levels.
Prices in Southern California fell by 0.2% in December, marking the fifth consecutive month of decline, yet are still higher than a year ago.
The housing market slowdown is seasonal, but the addition of homes from post-wildfire displacements impacts supply and demand dynamics across the region.
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