Southern California house sales slipped below year-ago levels in August for a fourth straight month, even though prices continued to climb, the California Association of Realtors reported Monday, Sept. 17.
Regionwide, sales fell 7.5 percent year over year, Realtor figures show. It was the biggest sales drop among California metro areas.
Sales were down in all four counties covered by the Southern California News Group, dropping 8.9 percent in Los Angeles County, 9.7 percent in Orange County, 6.6 percent in Riverside County and 4.3 percent in San Bernardino County.
The trend matches what’s been happening statewide, as the cost of buying outstrips the capacity of more and more home shoppers.
California house sales dropped 6.6 percent in the 12 months ending in August, Realtor figures show.
If homebuying were to continue at August’s pace for a year, statewide sales of existing single-family homes would be below 400,000 for the first time in more than two years.
“Uncertainty about the housing market continues to mount,” said CAR President Steve White.
Homebuyers, White said, are reluctant to commit, fearing prices may have peaked.
CAR Chief Economist Leslie Appleton-Young said a market shift appears to be underway.
“We are seeing active listings increasing and more price reductions,” Appleton-Young said.
The number of homes for sale have increased steadily for 8 ½ months in Southern California, figures from Steve Thomas’ Reports On House show, rising to the highest level in at least two years.
Statewide, house price gains decelerated, but not so in Los Angeles and Orange counties, where median house prices hit all-time highs.
The median price of a Los Angeles County house – or price at the midpoint of all sales – hit a record $607,490 in August, up 6.4 percent year over year. In Orange County, the median soared to a record $838,500, up 6.3 percent.
The median price of a Riverside County house was $400,750, down from the previous month but up 3.2 percent year over year. In San Bernardino County, the median was $290,000, also down from July but up 7.4 percent from August 2017 levels.