The median price of a Southern California home rose to $743,000 in July, just $7,000 shy of the region’s all-time high, new CoreLogic figures show.
Southern California’s home-price paradox persisted into July, with a scarcity of listings driving up prices, even as demand and sales fell to one of the lowest levels on record.
That’s a gain of $73,000 this year and comes within $7,000 of the all-time high of $750,000 reached in April 2022.Prices in three of the region’s six counties set records last month. In Orange County, the median price for all houses, townhomes and condos hit an all-time high of $1.075 million in July.
According to Redfin, the region had 41,866 homes on the market last month, the lowest number for a July in more than a decade. Southern California has averaged almost 64,000 homes for sale since March 2012, Redfin numbers show. — Lost purchasing power curbed overall buyer demand. U.S. demand fell 7% in the past year, according to Redfin’s Homebuyer Demand Index, which measures requests for home tours and services from Redfin agents. The Mortgage Banker’s Association reported US mortgage purchase applications were down 30% from last year as of Aug. 18.
Here’s a county-by-county breakdown of median home prices and sales, showing year-over-year percentage changes:
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