The Resurgence of the Southern California Housing Market: A Promising Outlook for Spring 2024

The Southern California housing market is showing signs of a thaw after a prolonged period of decline, with a recent uptick in new listings and a temporary dip in mortgage rates breathing new life into the market. According to Dr. Selma Hepp, CoreLogic’s chief economist, after approximately 30 months of year-over-year decreases in home sales, there is finally a glimmer of hope on the horizon for the region.

In February 2024, the median sales price for homes in Southern California reached $740,000, marking an 8% increase from the previous year. All counties in the region experienced year-over-year price gains, with Orange County leading the way at $1.1 million, followed by Los Angeles, San Diego, Ventura, Riverside, and San Bernardino.

County-wise, Los Angeles saw a 10.5% increase in median sales price, Orange County experienced a substantial 16.8% rise, Riverside had a 5.1% uptick, San Bernardino saw a 4.3% increase, San Diego had a solid 10.0% rise, and Ventura experienced an impressive 11.3% surge in median sales prices.

Home sales volume also saw a notable increase in February 2024 across all six counties in Southern California, with Orange County leading the way with a remarkable 21.2% surge in home sales. Los Angeles, Riverside, San Bernardino, San Diego, and Ventura also reported annual gains in home sales volume.

The resurgence in both median home prices and sales volume indicates a renewed buyer confidence and activity in the Southern California housing market, setting the stage for a promising spring homebuying season. As the market continues to evolve, staying informed about these trends will be crucial for buyers and sellers looking to navigate the dynamic real estate landscape of Southern California.