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SoCal Quarterly Real Estate Micro Insights Report: Q4 2023

Market Update LORISSA SINGLETON February 13, 2024

The Southern California real estate market, as of late 2023 moving into 2024, was a complex interplay of declining sales and rising home prices, heavily influenced by increasing mortgage rates and persistent affordability challenges. Despite a significant inventory increase, sales have dropped, particularly in San Bernardino County, underscoring the impact of higher borrowing costs. However, home prices have continued their upward trajectory, albeit slower, with notable year-over-year increases across the region. Southern California's real estate market is experiencing a period of adjustment, with rising home prices set against a backdrop of declining sales and higher mortgage rates. Buyers and sellers must navigate these conditions carefully, considering both the short-term impacts of current economic factors and long-term prospects of the region's desirability and growth potential. Click here for LA's Q4 2023 Market Report across Southern California.