The southern housing market of California downgraded last month.
The average price of houses in the six counties region fell 0.2% from November to $ 867,042 in December, according to Zillow, marking the fifth consecutive month of declines.
Prices are now 1.5% reduction on their level of all time in July, but some economists say that potential buyers and sellers should not expect the value of the houses to plunge – one of the reasons behind the change is that the market generally slows down fall and winter and prices are always higher than what they were a year ago.
However, more houses reach the market and mortgage interest rates remain high, creating a situation of a little more supply and slightly less demand.
As a result, annual prices growth has slowed down. Last month, the prices of houses in southern California were 4.3% higher than a year earlier, against a recent 9.5% peak in April.
Some economists expect price growth more slowing down this year but does not become negative, because there is still not enough supply for all those who want to live here.
And it was before Eaton palisades and fires destroy or damage more than 11,000 houses, suddenly pushing thousands of additional families in a search for housing.
Zillow Research, time analysis
(Los Angeles Times)
Note to readers
Welcome to the Los Angeles Times Immobilier Tracker. Each month, we will publish a relationship with data on housing prices, mortgage rates and rental prices. Our journalists will explain what the new data means for Los Angeles and the surrounding area and will help you understand what you can expect to pay for an apartment or a house. You can read the ventilation of real estate from last month here.
Explore prices and rents of houses for December
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Rental price in southern California
In the past year, requesting rents for apartments in many southern California regions has checked.
Experts say that the trend is driven by an increasing number of vacant posts, who have forced some owners to accept less rent. Vacant posts have increased because the supply of apartments is developing and demand has dropped while consumers are concerned about the economy and inflation.
In addition, the great generation of the millennium is more and more age in ownership access, While the small generation Z enters the apartments market.
However, potential tenants should not be too excited. To rent out is still extremely high and the fires that exploded in January in the county of the increase in the increase in rents, in particular in the neighborhoods adjacent to the Pacific Palisades and Altadena.
In December, before fires, the median rent for vacant units of all sizes in the County of Los Angeles was $ 2,045, down 0.7% compared to the previous year but 6.8% more than December 2019, according to data from the apartments list.
