The prices of the housing in southern California fell in June, marking the second consecutive month that the values decreased from the previous year.
In June, the average price of housing in the southern California region of six counties fell 0.2% from May to $ 875,128, according to Zillow data. Prices fell 0.9% as of June 2024.
Economists and real estate agents say that a variety of factors have slowed the market, including high mortgage rates, the increase in inventory levels and economic uncertainty derived from tariffs.
The decrease in the price year after year in June followed a similar fall in May. Before that, prices had not fallen annually since July 2023.
At that time, housing prices were falling because the increase in mortgage rates eliminated many market buyers. The values began to increase again when the number of houses for sale fell as sellers also backed up, not willing to give up the mortgages they took during the pandemic with rates of 3% and lower.
The inventory image, however, is changing.
In June, there were 35% more homes for sale than a year earlier in Los Angeles County, with similar increases seen in other parts of southern California.
Real estate agents say that current owners want to move more and more instead of clinging to their ultra -low mortgage rates. But many buyers for the first time, without access to equity, remain blocked.
Add economic uncertainty and get a market that is remarkably descending.
If Trump administration policies end up pushing the economy to a recession, some economists say that housing prices could fall much more.
Housing prices by city and neighborhood
Readers note
Welcome to the Los Angeles Times real estate tracker. Each month we will publish a report with data on housing prices, mortgage rates and rental prices. Our reporters will explain what the new data means for Los Angeles and their surroundings and will help you understand what you can expect to pay for an apartment or home. You can read the real estate breakdown last month here.
Explore prices and rental rentals for June
Use the tables below to search for sale prices and apartment rental prices by city, neighborhood and county.
Rental prices in southern California
In 2024, requesting rentals for apartments in many parts of southern California was also reduced, but January fires in Los Angeles County could be turning the downward trend in some places.
Housing analysts have said that the increase in vacancies since 2022 had forced owners to accept less for rent. But the fires destroyed thousands of houses, suddenly pushing many people to the rental market.
The majority of the destroyed houses were single -family houses, and some housing experts and disaster recovery say that they hope that the highest increases in rentals are in larger units adjacent to the areas of burning in the Pacific and Altadena, with an upward pressure on the rentals that decrease for the units that are smaller and further from the disasters.
A recent analysis of the Times of the Zillow data found that in the postal codes closest to fires, rentals increased more than in the rest of December to April.
Other data sources show similar trends.
In Santa Monica, which limits with the neighborhood of Pacific Palisades, the average income, the median income increased 4.1% in June from a previous year, according to data from the apartments list.
In Los Angeles, which includes the Palisades and many neighborhoods not adjacent to any fire, the rentals fell 0.85% last month.
The apartments list has no data for Altadena, but does so for the adjacent city of Pasadena. Rentals increased 5.4% in June from the previous year.
You may also like...
