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The prices of houses in southern California dropped in June, marking the second consecutive month that values have decreased compared to the previous year.
In June, the average price of houses in the southern California region in the six counties dropped from 0.2% from May to $ 875,128, according to Zillow data. Prices fell 0.9% compared to June 2024.
Economists and real estate agents claim that various factors have slowed down the market, including high mortgage rates, an increase in inventory levels and an economic uncertainty resulting from prices.
The drop in prices from one year to the next in June followed a similar drop in May. Before that, the prices had not dropped on an annual basis since July 2023.
At the time, the prices of declining houses because the increase in mortgage rates eliminated many market buyers. The values started to increase when the number of houses for sale dived while the sellers also fell, not wanting to abandon the mortgages they removed during the pandemic with rates of 3% and less.
The image of inventory, however, changes.
In June, there were 35% of houses for sale more than a year earlier in the County of Los Angeles, with similar increases seen elsewhere in southern California.
Real estate agents say that current owners are increasingly moving on rather than keeping their ultra-basic mortgage rates. But many buyers for the first time, without access to equity, remain locked.
Add economic uncertainty and you get a market that has significantly downgraded.
If Trump administration policies eventually push the economy into a recession, some economists say that home prices could drop a lot.
Housing price by city and neighborhood
Note to readers
Welcome to the Los Angeles Times Immobilier Tracker. Each month, we will publish a relationship with data on housing prices, mortgage rates and rental prices. Our journalists will explain what the new data means for Los Angeles and the surrounding area and will help you understand what you can expect to pay for an apartment or a house. You can read the ventilation of real estate from last month here.
Explore the prices and rents of houses for June
Use the tables below to search for home sales prices and apartment rental prices by city, neighborhood and county.
Rental price in southern California
In 2024, asking for rents for apartments in many southern regions of California also checked, but the fires of January in the county could upset the downward trend in certain places.
Housing analysts said that the increase in vacancy levels since 2022 had forced owners to accept less rent. But fires have destroyed thousands of houses, suddenly pushing many people on the rental market.
Most of the destroyed houses were unified houses, and some experts in housing and disasters say they expect the most important rent increases in larger units to burning areas in the palisades of the Pacific and the Altadena, with ascending pressure on the rents that are smaller and more. far from disaster areas.
A recent Times analysis Zillow data has revealed that in postal codes closest to fires, rents increased more than in the rest of the county from December to April.
Other data sources show similar trends.
In Santa Monica, which borders the hard -hit Pacific Palisades district, the median rent increased by 4.1% in June compared to the previous year, according to data from the apartments list.
Through Los Angeles, which includes the palisades and many districts that are not adjacent to a fire, rents dropped by 0.85% last month.
The list of apartments has no data for Altadena, but it does it for the adjacent city of Pasadena. The rents increased there by 5.4% in June compared to the previous year.
