For the first time, the median price of a single-family home in Los Angeles County has surpassed $900,000, according to data released Wednesday by the California Association of Realtors.
From August through September, prices climbed 3.7%, $882,020 to $914,640, defying the statewide trend of home prices dropping slightly month over month.
The median sale price across all California counties last month was $843,340, down from $859,800 in August, according to CAR.
The number of home sales also continued to slide due, in large part, to sky-high mortgage rates.
Sales fell 5.4% in September and was down 21.5% from a year ago. This was the fourth consecutive month of declining sales.
“As mortgage rates surge to new highs not seen in more than two decades, home sales are being tested and are likely to remain tepid for the next few months,” said CAR Senior Vice President and Chief Economist Jordan Levine. “With the Fed planning on holding rates higher for longer, the cost of borrowing will remain elevated and may not come down much in the near term.”
As of Wednesday, the average 30-year fixed rate mortgage was 7.57% – more than four points higher than two years ago, according to government-backed lender Freddie Mac.
All major regions of California saw fewer homes sold in September on a year-over-year basis.
Those who have the cash to be house-hunting right now, CAR says, might have some advantages.
“More sellers are making concessions as homes are taking longer to sell, fewer homes are selling above asking price, and there are more homes to choose from,” said CAR President Jennifer Branchini.
The San Franciso Bay Area continues to be the most expensive in the state with a median home price of $1.3 million followed by the Central Coast ($950,000)
California September Home Sales Data:
| September 2023 | Median Sold Price of Existing Single-Family Homes | ||||||
| Region/County | Sep-23 | Sep-22 | Price MTM% Chg | Price YTY% Chg | Sales YTY% Chg | ||
| CA Statewide | $843,340 | $817,150 | -1.9% | 3.2% | -21.5% | ||
| Condo/Townhomes | $650,000 | $620,000 | -1.1% | 4.8% | -18.7% | ||
| L.A. Metro Area | $780,000 | $750,000 | -1.6% | 4.0% | -20.8% | ||
| Central Coast | $950,000 | $920,000 | 0.0% | 3.3% | -20.8% | ||
| Central Valley | $481,000 | $465,000 | -0.8% | 3.4% | -22.5% | ||
| Far North | $385,000 | $379,740 | 4.3% | 1.4% | -22.3% | ||
| Inland Empire | $550,000 | $562,240 | -3.5% | -2.2% | -24.8% | ||
| S.F. Bay Area | $1,300,000 | $1,220,000 | 3.2% | 6.6% | -23.7% | ||
| Southern California | $820,000 | $783,380 | -1.2% | 4.7% | -21.7% | ||
| S.F. Bay Area | Sep-23 | Sep-22 | Price MTM% Chg | Price YTY% Chg | Sales YTY% Chg | ||
| Alameda | $1,300,000 | $1,200,000 | 4.0% | 8.3% | -25.1% | ||
| Contra Costa | $871,250 | $870,000 | 3.2% | 0.1% | -26.6% | ||
| Marin | $1,650,000 | $1,728,000 | 11.9% | -4.5% | -21.2% | ||
| Napa | $890,000 | $997,500 | -15.6% | -10.8% | -26.3% | ||
| San Francisco | $1,580,000 | $1,650,000 | 0.3% | -4.2% | -18.3% | ||
| San Mateo | $1,955,000 | $1,860,500 | 0.3% | 5.1% | -14.1% | ||
| Santa Clara | $1,853,000 | $1,700,000 | 0.0% | 9.0% | -23.4% | ||
| Solano | $585,680 | $590,000 | -2.2% | -0.7% | -31.1% | ||
| Sonoma | $848,000 | $805,000 | -0.2% | 5.3% | -18.3% | ||
| Southern California | Sep-23 | Sep-22 | Price MTM% Chg | Price YTY% Chg | Sales YTY% Chg | ||
| Los Angeles | $914,640 | $891,770 | 3.7% | 2.6% | -18.3% | ||
| Orange | $1,310,000 | $1,200,000 | 0.0% | 9.2% | -19.6% | ||
| Riverside | $600,000 | $600,000 | -2.9% | 0.0% | -25.5% | ||
| San Bernardino | $475,000 | $480,000 | -4.0% | -1.0% | -23.6% | ||
| San Diego | $973,100 | $899,000 | -2.7% | 8.2% | -25.3% | ||
| Ventura | $962,500 | $850,000 | 5.2% | 13.2% | -15.7% | ||
| Central Coast | Sep-23 | Sep-22 | Price MTM% Chg | Price YTY% Chg | Sales YTY% Chg | ||
| Monterey | $943,340 | $822,500 | 5.2% | 14.7% | -20.0% | ||
| San Luis Obispo | $888,000 | $875,000 | 2.2% | 1.5% | -17.0% | ||
| Santa Barbara | $1,030,000 | $905,000 | -20.5% | 13.8% | -26.0% | ||
| Santa Cruz | $1,165,000 | $1,217,500 | -2.9% | -4.3% | -20.8% | ||
| Central Valley | Sep-23 | Sep-22 | Price MTM% Chg | Price YTY% Chg | Sales YTY% Chg | ||
| Fresno | $410,000 | $415,000 | -3.5% | -1.2% | -31.4% | ||
| Glenn | $300,000 | $327,000 | -6.5% | -8.3% | -38.9% | ||
| Kern | $383,000 | $365,000 | -2.9% | 4.9% | -21.5% | ||
| Kings | $370,750 | $342,500 | -3.1% | 8.2% | -24.4% | ||
| Madera | $410,000 | $410,000 | -9.5% | 0.0% | 10.3% | ||
| Merced | $384,500 | $377,000 | -0.1% | 2.0% | -5.5% | ||
| Placer | $665,000 | $640,000 | -0.6% | 3.9% | -14.6% | ||
| Sacramento | $545,000 | $515,000 | 1.9% | 5.8% | -25.2% | ||
| San Benito | $761,250 | $750,000 | -2.1% | 1.5% | -20.9% | ||
| San Joaquin | $550,000 | $535,000 | 2.8% | 2.8% | -25.6% | ||
| Stanislaus | $469,500 | $450,000 | 1.0% | 4.3% | -25.4% | ||
| Tulare | $385,000 | $335,000 | 3.5% | 14.9% | -13.6% | ||
| Far North | Sep-23 | Sep-22 | Price MTM% Chg | Price YTY% Chg | Sales YTY% Chg | ||
| Butte | $429,420 | $429,780 | -1.6% | -0.1% | -21.7% | ||
| Lassen | $181,250 | $269,000 | -19.4% | -32.6% | -39.1% | ||
| Plumas | $441,250 | $475,000 | 7.1% | -7.1% | -20.0% | ||
| Shasta | $385,000 | $375,000 | 5.5% | 2.7% | -20.1% | ||
| Siskiyou | $325,000 | $352,450 | 6.4% | -7.8% | -52.4% | ||
| Tehama | $310,000 | $302,000 | -0.7% | 2.6% | 3.2% | ||
| Trinity | $320,000 | $346,750 | 56.1% | -7.7% | 0.0% | ||
| Other CA Counties | Sep-23 | Sep-22 | Price MTM% Chg | Price YTY% Chg | Sales YTY% Chg | ||
| Amador | $414,250 | $399,000 | -15.5% | 3.8% | -27.3% | ||
| Calaveras | $537,500 | $450,000 | 13.2% | 19.4% | -19.0% | ||
| Del Norte | $400,000 | $418,750 | 4.6% | -4.5% | -18.8% | ||
| El Dorado | $685,000 | $645,000 | 4.3% | 6.2% | -19.7% | ||
| Humboldt | $422,500 | $460,000 | 0.1% | -8.2% | 2.2% | ||
| Lake | $260,000 | $339,500 | -20.0% | -23.4% | -8.9% | ||
| Mariposa | $432,500 | $342,200 | -9.9% | 26.4% | -46.7% | ||
| Mendocino | $448,000 | $535,000 | -20.0% | -16.3% | -11.8% | ||
| Mono | $935,000 | $1,105,000 | -3.6% | -15.4% | 50.0% | ||
| Nevada | $563,000 | $565,000 | 1.4% | -0.4% | -23.7% | ||
| Sutter | $430,000 | $440,700 | 1.2% | -2.4% | 14.5% | ||
| Tuolumne | $419,000 | $399,500 | 7.6% | 4.9% | -26.6% | ||
| Yolo | $608,640 | $625,000 | -2.2% | -2.6% | -22.3% | ||
| Yuba | $433,250 | $433,000 | -3.6% | 0.1% | -1.4% | ||