Home sales cool in Southern California

The once-red hot Southern California housing market continues to cool off, according to CoreLogic.

Home sales declined year-over-year in October for the fifth time in six months in six key counties.

CoreLogic estimated 19,193 new and existing home sales in Los Angles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. This was down 7.5 percent compared to October 2017 and the weakest October for these counties since 2011, according to CoreLogic.

The October sales in these counties ran solidly ahead of an especially poor September, however.  

“Rising prices and mortgage rates have priced out some potential buyers while causing others to conclude that waiting to buy could pay off, especially as listings rise,” said Andrew LePage, a CoreLogic analyst. “For the past three months, sales have fallen year over year in all six counties and, in the last two months, across most major price categories including above $1 million.”

Southern California’s median sale price hit an all-time high of $537,000 in June, according to CoreLogic.

Housing market | Housing sales