Southern California home prices decreased in June, falling 0.2% from May to an average of $875,128 and down 0.9% from June 2024. Contributing factors include high mortgage rates, increased inventory, and economic uncertainty. Year-over-year price drops followed a similar trend from May. In June, housing inventory increased by 35% compared to the previous year. Current homeowners desire to move while first-time buyers remain unable to enter the market. Economists predict home prices may further decline if economic conditions worsen, although Zillow forecasts a slight price decline moving forward.
In June, the average home price across the six-county Southern California region fell 0.2% from May to $875,128, with prices down 0.9% from June 2024.
In June, there were 35% more homes for sale than a year earlier in Los Angeles County, indicating a significant change in the real estate inventory.
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