“California’s housing market is finally showing signs of thawing after last year’s historic slowdown. However, home sales remain at just half the pace of the pre-pandemic decade. This gradual increase in for-sale inventory has been crucial in re-energizing market activity, offering buyers more options, easing bidding wars, and tempering the rapid home price appreciation seen earlier this year. Additionally, last summer’s dip in mortgage rates provided a brief window of opportunity, motivating some hesitant buyers to reenter the market,” said Dr. Selma Hepp, chief Economist for CoreLogic.
Southern California Takeaways:
- The median sales price for all tracked properties was $775,000 in October, a year-over-year increase of 5.4% for the region. All six counties in the region posted year-over-year home price gains: Orange (6%), San Diego (7%), Riverside (5.4%), San Bernardino (6.1%), Los Angeles (5%), Ventura (.7%) and Riverside (5.4%).
- Orange County again posted the highest median sales price, at $1.15 million, followed by San Diego ($879,000), Los Angeles ($875,000), Ventura ($830,000), Riverside ($585,000) and San Bernardino ($525,000) counties.
- Home sales volume increased by 10.1% from October 2023, with five of six counties posting annual gains: Ventura (32%), Los Angeles (15.3%), Riverside (11%), San Diego (9.6%) and Orange (4.7%).
- San Bernardino County posted the region’s only sales volume loss in October, at -1.6%.
Northern California Takeaways:
- The median sales price for all tracked properties was $1,125,000 in October, a year-over-year increase of 7.3% for the region. Seven of the nine counties in the region posted year-over-year home price gains: San Francisco (9.8%), Santa Clara (9.5%), Contra Costa (7.7%), Marin (7.1%), San Mateo (1.9%), Napa (1.8%) and Sonoma (0.7%).
- Solano posted the region’s only home price loss at 2.4%.
- Santa Clara and San Mateo posted the highest median sales price, at $1.62 million, followed by Marin ($1.5 million), San Francisco ($1.45 million), Napa ($850,000), Contra Costa ($826,000), Sonoma ($765,000) and Solano ($600,000).
- Northern California home sales volume increased by 12% from October 2023, with seven of eight counties posting annual gains: San Francisco (23%), San Mateo (17.6%), Sonoma (17.5%), Santa Clara (16.7%), Marin (12.6%), Contra Costa (5.8%) and Solano (2.1%).
- Napa County posted the region’s only sales volume loss in October, at -14.4%
- October’s data is unavailable for Alameda County.
For ongoing housing trends and data, visit the CoreLogic Intelligence blog.
Southern California Data Home Prices:
Southern California Data Home Sales:
Northern California Data Home Prices:
Northern California Data Home Sales:
