"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."
"Real estate agents say homeowners increasingly want to take the next step in their lives and are deciding to move rather than hold on to their ultra-low mortgage rates. But many first-time buyers, without access to equity, remain locked out."
"Southern California home prices fell 0.3% in November to $852,629, marking the sixth decline in seven months as mortgage rates and economic uncertainty weigh on the market."
Southern California home prices fell 0.3% in November to a median of $852,629 and were down 1.4% from November 2024. The region has seen six declines in seven months. High mortgage rates, rising inventory, and economic uncertainty related to tariffs and policy risks have slowed demand. Homeowners with pandemic-era sub-3% mortgages are increasingly listing, boosting supply, while many first-time buyers remain priced out and lack equity. L.A. County recorded 4,935 home sales in November, the highest since April, while median rent fell to $2,183, the lowest level since January. Further declines are possible if the economy weakens.
Read at Los Angeles Times
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