Home prices starting to fall in parts of Southern California
Prospective buyers in some parts of Southern California are seeing a little relief when it comes to housing prices, new data suggests.
According to the California Association of Realtors, the median price of a single-family home across the entire state for Oct. 2023 was $840,360, signifying a 0.4 percent decrease from September’s $843,340.
Locally, Ventura County buyers saw the biggest month-to-month price drop, with homes there selling for 6.6 percent less in October than they were in September.
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The average single-family home now costs just under $900,000 in Ventura County, according to the California Association of Realtors.
Los Angeles and Orange counties also saw significant home price drops of 2.3 and 2.7 percent, respectively, during that same monthlong period.
However, those looking to buy a single-family home in O.C. still have to fork over a median price of $1,275,000, which ranks among the most expensive in the state.
Potential buyers in the Inland Empire are among those who saw median home prices jump over the last month; the average single-family home in San Bernardino County sold for $481,500 in the month of October, which marks an increase of more than $6,000 from September.
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Those looking to buy a house in Riverside County are faring even worse, as housing prices have risen 3.5 percent in just one month, from $600,000 to $620,960.
To view complete housing price statistics for all California counties, click here.
To view a breakdown of the California housing market by city, click here.
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