As we reported yesterday, July was a tough month for California real estate. According to the California Association of Realtors, existing-home sales were down 14.4 percent, with SoCal seeing one of the more significant declines regionally speaking.
L.A., Orange, Riverside, San Bernardino, San Diego and Ventura cumulatively saw a 21.8 percent sales decrease from June to July—and a 36.9 percent decline compared to July 2021—but inventory was up and prices even fell, albeit slightly. Let’s take a deeper diver into the data:
San Bernardino took one of the biggest tumbles last month despite prices in the county remaining unchanged from June. Month-over-month, sales were down 24 percent but compared to July 2021, when San Bernardino was a pandemic “hotspot” for real estate, sales have fallen 42.3 percent.
Los Angeles County saw the biggest monthly decline in July, with sales falling 26.4 percent compared to June 2022. On an annual basis, existing-home sales in L.A. were down 32.4 percent.
Prices, however, have also begun to fall, offering some encouraging signs for buyers in the months ahead. The median home sale price in L.A. County last month was $846,320—down 1.6 percent from the month prior.
Orange County still holds the title of priciest homes in SoCal, with July’s median sold price coming in at $1,231,000. That is down 2.7 percent from June, but still much above last July’s median price of $1,090,000. Sales in the O.C. were down 16.3 percent in July, month-over-month, and 38.8 percent annually.
Further South, San Diego saw home sales decline 21.4 percent from June to July and 41.1 percent compared to July 2021. The median sale price in S.D. was down 2.1 percent last month to $930,000.
Riverside saw the largest price decrease in July, with its median sale price come in 3.1 percent below June at $625,000. Even with some of the more affordable housing stock in SoCal, Riverside County still saw sales decrease 17.5 percent last month.
And finally, Ventura County also saw sales drop by 17.8 percent month-over-month, while prices fell nominally to $920,000—just a 1.1 percent decrease from June 2022.
For a full wrap up of NorCal’s sales and pricing in July, click here.