Southern California Real Estate Up and Down in August

Southern California is has mixed results in home sales last month according to DataQuick. A total of 31,131 homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in August, down 5.6 percent from July's 32,988 and down 9.6 percent from a near-record 34,437 of August last year.

Here is were things get odd. The inland empire experienced its strongest August ever but the flip side is the Orange County real estate experienced the lowest sale activity for the month of August in 8 years.

Orange County real estate sales activity was 3,745 vs. 5,511 from the same month last year which is a 32% drop. During the same period the median priced home in orange county climb 25% to $543,000.

San Bernardino County & Riverside County real estate sales totaled 9,898 in August which is up 5.4% over the same month last year. Median home prices also climbed nearly 30% in the last 12 months reaching $334,000 from $261,000.

Overall, southern California real estate prices were up 20.4% from August last year to $407,000 but the month over month increase was the lowest this year with only 1.2%.

What appears to be happening is the move-up home buyers which represented 6 of 10 home sales in the last few years are slowing down while first time home buyers are still buying in the more affordable areas. You are also seeing the inventory of homes started to increase.

Mortgage rates are still low and the bond market is still feeling pressure.

Thanks for Reading!
Jessie J. Beaudoin