On a monthly basis, California’s existing-home sales experienced a pretty healthy boost last month, with sales up 17.6 percent in February. But how did SoCal shape up compared to the rest of the state?
According to the California Association of Realtors, compared to January 2023, sales in the six-county region were up a modest 9.5 percent, as some buyers presumably took advantage of last month’s brief mortgage rate reprieve. San Bernardino and Riverside posted the largest sales gains, up 19 percent and 14.9 percent, respectively.
Looking at the annual numbers, however, shows just how much the market has shifted in Southern California over the past 12 months.
Compared to February 2023, existing-home sales in the region were down 33.8 percent. San Bernardino, Riverside and Los Angeles County suffered the largest declines, each down by at least 33.5 percent. Orange County has the smallest annual sales decline, despite being down by 26.1 percent.
Also down, though good news for buyers, are sale prices across the Southland. Month-over-month, regional prices were down 0.9 percent in February. L.A. County prices were down 6.6 percent, while San Diego prices were down 6.1 percent. San Bernardino and Orange County were each down 4.4 percent and 3 percent, monthly.
For more on our NorCal sales and pricing report, click here.