Southern California Home Sales Plunge 17%, Prices Increase Modestly in January

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An open house in Manhattan Beach. (Credit: Jay L. Clendenin / Los Angeles Times)

An open house in Manhattan Beach. (Credit: Jay L. Clendenin / Los Angeles Times)

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The sluggish Southern California housing market took another hit in January, with sales plunging 17% from a year earlier, according to a report released Wednesday.

The six-county region’s median price rose only modestly, climbing 2% from January 2018 to $505,000, according to real estate data firm CoreLogic.

Besides the prior month’s 1% gain, January’s year-over-year increase in the median — the point at which half the homes sold for more and half for less — was the smallest since prices began their steady upward climb in 2012.

The median is now $32,000 below its all-time high reached in June and sales, clocking in at 12,665 last month, haven’t been this low in January since 2008.

Read the full story on LATimes.com

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