SoCal Homebuying Trends: June 2023 Chart Analysis by Flourish

The Southern California housing market in June 2023 continued its rebound despite facing challenges such as below-average sales and the highest mortgage rates in seven months. With inventory at its lowest level for a June in twelve years, the demand for homes exceeded the supply, leading to an increase in prices.

According to CoreLogic, the median price of a Southern California home was $730,000 in June, just a slight decrease of 0.7% from the previous year. However, home prices in the region were up by 9% since the beginning of the year, with Orange County reaching a record high median price of $1.059 million.

The imbalance between buyers and sellers has continued to put pressure on home prices, with sales limited to 16,320 transactions in June, the lowest tally for any June in 36 years. Despite the reduced demand and inventory, home prices rose by more than 3% in Orange and San Diego counties.

The housing market in Southern California contrasts with the national trend, as U.S. single-family home prices were up by 1.6% since June 2022. Despite the challenges, experts predict that mortgage rates will start to come down before the end of the year, providing some relief to homebuyers.

Overall, the housing market in Southern California remains competitive, with rising prices and limited inventory impacting both buyers and sellers. As the market continues to evolve, it will be important for both parties to adapt to the changing conditions to navigate the real estate landscape effectively.