For the first time since 2012, the median home price in Southern California posted an annual decline in March 2019, ticking down 0.1 percent, per CoreLogic data.
While prices are basically flat for all six SoCal counties, they are down about $18,500 from their peak in June 2018, $537,000. The median price for new and existing homes and condos was $518,500 in March, down $500 annually. CoreLogic analyst Andrew LePage tells the Los Angeles Times, “It’s slowed down a lot from last year. That’s more important than whether we are north or south of zero by one-tenth a percentage point.”
The dip from March 2018 doesn’t mean values declined across the board. In fact, when broken down by county, the median dropped only in Orange County, while remaining areas — including Los Angeles County — still posted a slight or modest increase compared with a year earlier.
Sales, however, continued their declines across the board and have now dropped in each county for at least eight consecutive months. Sales for the region fell 14.1 percent in March.
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