Home prices fall in So Cal for the first time since 2012

The Southern California median home price dipped slightly in March from a year earlier, the first annual decrease since 2012 and a sign of a remarkable downshift from the once-sizzling regional housing market.

The 0.1% drop, reported Friday by CoreLogic, means prices for the six-county region were essentially flat year-over-year. But given a pullback in previous months, prices are $18,500 off their June 2018 peak, and that raises the possibility of a sustained decline in the months ahead.

 

The median price for new and resale houses and condos — the point at which half the homes sold for more and half for less — was $518,500 in March, $500 less than a year earlier and off the all-time high of $537,000 reached in June.

 

The dip from March 2018 doesn’t mean values declined across the board. In fact, when broken down by county, the median dropped only in Orange County, while remaining areas — including Los Angeles County — still posted a slight or modest increase compared with a year earlier.

read more at: https://www.latimes.com/business/la-fi-southern-california-home-prices-20190426-story.html

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