Southern California home prices slipped in July. More drops may be coming
Southern California home prices slipped in July. More drops may be coming
Abstract
The Southern California median home price fell slightly in July from a month earlier, an indication home values may have peaked and will head lower from here. Although the median can fluctuate month to month, July's numbers mark the third straight month prices failed to increase amid a broad housing slowdown sparked by rising mortgage interest rates. Home sales are plunging and many sellers are cutting their asking prices to get a deal done. "You can get a home [for] less than it was four months ago," said Keith Hernandez, a real estate agent with Realty One Group Synergy in Whittier. Of Realtors, said July's numbers from DQNews are consistent with a scenario in which the median home price falls around 7% in 2023. The median is the point where half of homes sold for more and half for less. The 7% figure somewhat overstates the expected drop in overall values, Levine said, since it reflects a sharper decline in luxury home sales, but values of all homes should still fall next year.