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Home / News / Business / High interest rates, low inventory keep SoCal home sales flat

High interest rates, low inventory keep SoCal home sales flat

by City News Service
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Home sales in Southern California were essentially flat in October, as the cost of borrowing remained high and housing inventory continued to be tight, the California Association of Realtors reported Friday.

In the Los Angeles metro area, the median sale price of a single- family home was $785,000 last month, up from $780,000 in September, and an increase from $742,000 in October 2022, according to the association.

Los Angeles County saw single-family home prices of $893,650 in October, a drop from $914,640 the previous month, but a rise from the $854,560 median sale price reported one year ago, CAR determined.

Orange County’s $1.27 million median sale price for a single-family home last month showed a drop from $1.31 million in September. However, in October 2022, similar houses sold for $1.16 million, the association reported.

In October, the Los Angeles metro area’s ratio of new houses for sale to new houses sold was 2.9, a rise from 2.8 in September. The ratio in October 2022 was 3.5, according to CAR’s survey. Time on the market last month was 23 days.

For Los Angeles County, the ratio was 2.8 last month, 2.7 the previous month, and 3.6 in October 2022, CAR determined. Homes were on sale for 21 days in October before being sold.

In April, Orange County saw a ratio of 2.3, with the same figure the previous month, and 2.8 in October 2022, the association reported. Homes were on the market last month for 21.5 days.

Statewide, October’s median home price was $840,360, down 0.4% from September and up 5.3% from October 2022, the report concluded.

Sales of existing single-family homes in California remained below the 250,000-unit pace for the second consecutive month. The annual decline was the 28th straight drop, but the decline was the smallest in the last four months, CAR said.

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