CoreLogic: Low Inventory, High Mortgage Rates Dampen September Southern California Home Sales

Coastal counties post annual price gains, while Inland Empire counties see price decreases

IRVINE, Calif. — (BUSINESS WIRE) — November 10, 2023 — CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released its monthly Southern California home sales report for September 2023. The report includes data for new and resale single-family homes and resale condominiums from six counties in the region: Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura.

Key Takeaways:

  • Southern California’s median home sales price was $725,000 in September, up by 2.8% year over year.
  • Orange County posted both Southern California’s highest home sales price ($1,050,000) and annual growth rate (9.9%). Ventura (5.9%), San Diego (5.1%) and Los Angeles (4.6%) counties also showed year-over-year price appreciation.
  • The median sales prices in San Bernardino and Riverside counties declined year over year, by a respective -3% and -2.2%.
  • The overall Southern California region saw a -22.5% home sales volume decline on an annual basis in September.
  • All six tracked counties posted home sales decreases, ranging from -32.6% in Ventura County to -17.7% in Orange County.

“Southern California housing markets continue to struggle with low inventory and a lack of new construction, both of which have converged to drive home sales in the region to the lowest level since 2007,” said Selma Hepp, chief economist for CoreLogic. “But given that homebuyer demand in Southern California still outpaces the number of homes for sale, pressure on prices persists. The latest US CoreLogic S&P Case-Shiller Index showed that monthly home price gains in both the San Diego and Los Angeles metro areas are still above their seasonal averages, both up by about 9% since the beginning of 2023.”

“Coastal Southern California’s home price growth so far in 2023 partially reflects demand from buyers who are migrating from relatively more expensive markets in the Bay Area,” Hepp continued. “Meanwhile, higher mortgage rates are impacting the housing market in the Inland Empire, where Southern California homebuyers often migrate in search of better affordability. Riverside and San Bernardino counties both posted annual home price declines in September, and this trend is likely to continue as rates increase.”

Note: Data in this release is taken from county records and not from local multiple listing services.

Source: CoreLogic
The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at newsmedia@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences that build better relationships, strengthen businesses and ultimately create a more resilient society. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, CoreLogic HPI and CoreLogic HPI Forecast are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.



Contact:

Robin Wachner
newsmedia@corelogic.com

Featured Video
Jobs
Business Development Manager for Berntsen International, Inc. at Madison, Wisconsin
Machine Learning Engineer 3D Geometry/ Multi-Modal for Autodesk at San Francisco, California
Mechanical Test Engineer, Platforms Infrastructure for Google at Mountain View, California
Manufacturing Test Engineer for Google at Prague, Czechia, Czech Republic
Equipment Engineer, Raxium for Google at Fremont, California
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California
Upcoming Events
Coastal GeoTools 2025 Conference at 301 North Water Street - Jan 27 - 30, 2025
2025 Los Angeles Geospatial Summit at United States - Feb 28, 2025
2025 GIS/Valuation Technologies Conference at United States - Mar 3 - 6, 2025



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise