The crazy Southern California housing market is cooling. But don't expect a bargain

Los Angeles, San Diego, California

2021/09/27

SoCal home prices were essentially flat in August MoM, as the market cools slightly from its torrid pace earlier this year. The six-county region's median sales price ↓ 0.1% MoM to $680K in August; ↑ 13.9% YoY. Many analysts predicted home price gains would moderate soon because incomes can't support continued price ↑ 20% levels seen earlier. Regarding the pandemic market, home values are unlikely to decline soon, given the long-running mismatch between supply and demand. According to CoreLogic, L.A. County home prices ↑ 2.7% YoY in July 2022, compared with the previous ↑ 14.6% YoY.