Southern California experienced a sharp slump in homebuying, with June sales at 14,445 — the second-lowest June in a 21-year series and 35% below the long-term average. The only June with fewer closings was the prior year, and the region recorded 83,357 sales over the past six months, the third-worst first half since 2005. The six-county median selling price reached $835,000 in June, a 3% year-over-year increase and a new peak. Elevated mortgage rates have reduced affordability; the 30-year mortgage averaged 6.8% in the three months ended in June, up from 5.2% three years earlier.
Southern California's homebuying collapse continues with the second-slowest selling June on record as house hunters shied from record-high pricing. That's what my trusty spreadsheet found by reviewing sales data from Attom for Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties. These stats cover a broad range of closed transactions houses and condos, both existing residences and new construction and go back to 2005.
How slow? Southern Californians bought 14,445 homes in June. Yes, it's up 3% from a year ago. Yet it's 35% below the 21-year average. Think about the depth of the slump. The only June with fewer sales going back 21 years was last year. So, since 2005, Southern California's worst Junes were the past two years that's fewer sales than even in the depths of the Great Recession.
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