Home Sales Data

Southern California’s real estate market saw prices rise at their slowest pace in more than six years. Sales have leveled off.

Just what does this mean? It means that our market is adjusting to a “normal” pace whereby neither sellers or buyers have the edge upon on another, an even playing field. 

The median price increased to a record of $493.00.00 in June according to DataQuick real estate tracker systems. All six Counties in our region reported lower sales during this time period, tracked on a year to year basis.

Rising interest rates have been cited in this slowdown, however there is reduced affordability in this equation as many as 11% of prospective homebuyers can afford to purchase using conventional financing. Many home buyers have opted for non-traditional mortgages such as the no-interest loans, that allow for lower monthly house payments.

Currently we have a 5.5 month supply of available homes on the market, where a normal market would be a six month supply.

Buyers currently seem to be experiencing the wait and see approach in regard to the current price trends., often viewing dozens of homes before making their decision. The sellers are beginning to price their homes competitively in hopes of attracting the right buyer.