In Southern California, home prices saw a minimal increase of 0.38% last month, reflecting a cooling housing market. Factors contributing to this trend include elevated mortgage rates, increasing inventory, and economic uncertainty due to tariffs. The average home price in the region has risen by 1.9% in the past year, the slowest annual growth since August 2023. With more sellers entering the market and buyer enthusiasm diminishing, the market is shifting away from being a seller's advantage. Weak job growth and declining consumer confidence further complicate the real estate landscape.
Southern California is experiencing a shift in the housing market, with sellers becoming more motivated to sell due to high mortgage rates and increasing inventory.
The average home price in Southern California rose slightly in March, but this reflects a stagnation in the market, showcasing the challenges facing both buyers and sellers.
Economists attribute the rise in inventory and stagnant prices to high mortgage rates and economic uncertainty, shifting the dynamics from a seller's market to more balanced conditions.
Consumer confidence is declining, exacerbated by worries over tariffs and their potential effects on inflation and job growth, leading to reduced eagerness among buyers.
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