Home Prices Fall in Southern California for First Time in 7 Years
The Southern California median home price dipped slightly in March from a year earlier, the first annual decrease since 2012 and a sign of a remarkable downshift from the once-sizzling regional housing market.
The 0.1% drop, reported Wednesday by CoreLogic, means prices for the six-county region were essentially flat year-over-year. But given a pullback in previous months, prices are $18,500 off their June 2018 peak and that raises the possibility of a sustained decline in months ahead.
The median price for new and resale houses and condos — the point where half the homes sold for more and half for less — was $518,500 in March, compared to an all-time high of $537,000 reached in June 2018.
The dip from March 2018 doesn’t mean values declined across the board. In fact, when broken down by county, the median only dropped in Orange County, while remaining areas — including Los Angeles County — still posted slightly positive growth compared to a year earlier.