Monday, December 11, 2023

Home prices are starting to fall in parts of Southern California

Prospective buyers in some parts of Southern California are finding little relief when it comes to home prices, new data suggests.

According to the California Association of Realtors, the average price of a single-family home statewide for October 2023 was $840,360, which represents a 0.4 percent decrease from September’s average price of $843,340.

Locally, buyers in Ventura County saw the biggest month-over-month price drop, with homes there selling for 6.6 percent less in October than in September.

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The average single-family home now costs just under $900,000 in Ventura County, according to the California Association of Realtors.

Los Angeles and Orange counties also saw significant home price declines of 2.3 and 2.7 percent, respectively, in the same month period.

However, those looking to buy a single-family home in OC still have to pay an average of $1,275,000, which ranks among the most expensive in the state.

Potential buyers in the Inland Empire were among those who saw average home prices jump last month; the average single-family home in San Bernardino County sold for $481,500 in October, marking an increase of more than $6,000 from September.

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Those looking to buy a home in Riverside County had it worse, as average home prices rose 3.5 percent in just one month, from $600,000 to $620,960.

World Nation News Desk
World Nation News Desk
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