CoreLogic: Southern California Home Prices Decline Year Over Year in February

Five of six tracked counties posted annual losses, with Los Angeles showing the largest drop

IRVINE, Calif., March 22, 2023—CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released its monthly Southern California home sales report for February 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.

Southern California’s median home sales price ended February at $690,000 (Table 1) , down by -0.3% from one year earlier. Slim inventory levels, along with low affordability, are putting pressure on potential homebuyers in the area. These two market dynamics are also impacting Southern California’s home sales volume, which dropped in the six-county region by -37.6% (Table 2) since February 2022.

“While home sales activity in Southern California remains at very low levels, February’s uptick reflected positive homebuyer reaction to declining mortgage rates at the end of last year and early 2023,” said Selma Hepp, chief economist at CoreLogic. “Lower mortgage rates also helped prop up home prices, which are rebounding from seasonal lows. Nevertheless, while there appears to be a trough in housing market activity, any further improvement will depend on the fallout from the most recent banking crisis and its impact on economic activity and mortgage rates.”

Key Takeaways:

• Orange County posted Southern California’s highest median sales price for all tracked residential property types in February, at $958,000. It was followed by Los Angeles County ($765,000), San Diego County ($750,000), Ventura County ($740,000), Riverside County ($540,000) and San Bernardino County ($475,000).
• Five of six Southern California counties saw annual median home price losses from February 2022, ranging from -4.4% in Los Angeles County to -1.8% in Riverside County. San Bernardino County saw the only annual growth in the region, at 2.2%.
• Southern California home sales volume continued to plummet year over year in February, with all six counties recording declines, ranging from -43.4% (San Bernardino) to -31% (Orange).

The next CoreLogic Southern California Home Sales press release, featuring March 2023 data, will be released in April 2023.

Source: CoreLogic

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About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit corelogic.wpengine.com.

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