CoreLogic® Releases February 2024 Southern California Home Sales Data

The Southern California housing market is heating up as CoreLogic® releases its monthly residential home sales numbers for February 2024. After a long period of declining home sales, the region is finally seeing signs of improvement.

According to Dr. Selma Hepp, chief economist for CoreLogic, the increase in new listings and a temporary drop in mortgage rates have boosted home sales at the beginning of the year. With a continued improvement in inventory, Southern California is expected to see a budding spring homebuying season.

Despite the increase in home sales, strong buyer demand continues to push home prices higher in the region. In February, the median sales price for all tracked properties in Southern California was $740,000, representing an 8% year-over-year increase. All six counties in the region posted year-over-year home price gains, with Orange County leading the way with a 16.8% increase.

Orange County also had the highest median sales price in Southern California at $1.1 million, followed by Los Angeles, San Diego, Ventura, Riverside, and San Bernardino.

In terms of home sales activity, Southern California saw a 12.3% increase in home sales volume from February 2023, with all six counties posting annual gains. Orange County had the largest annual increase at 21.2%, followed by San Bernardino, Ventura, Los Angeles, Riverside, and San Diego.

Overall, the Southern California housing market is showing positive signs of recovery, with both home sales and prices on the rise. As the spring homebuying season approaches, it will be interesting to see how the market continues to evolve.