California’s median single-family home price fell to $821,680 in September, off 2.1% in the month.
How low will pricing go as mortgage rates soar and demand wanes?California’s median single-family home price fell to $821,680 in September, off 2.1% in the month and down 8.7% from the $900,000 all-time high set in May.
It’s a quick reversal from the pandemic era’s price boom. And keep in mind, the median is still up 42% from February 2020 – the last month before the coronavirus upended the economy. It’s largely the same story across the state’s major markets as 28 of 51 counties tracked had one-month dips and all but one are below their price peaks.$1.2 million median for September is flat vs. August, down 7.3% from May and still up 36% from February 2020.$562,240 median is off 0.6% in the month, down 5.8% from May, but up 42% from February 2020.$1.26 million median is off 0.5% in the month, down 16.5% from May, but up 38% from February 2020.$920,000 median is off 3.
I’m betting this is more a statistical quirk than any odd real estate dynamic in L.A. It’s likely the median was pushed up by a shortfall in the number of lower-priced homes sold.along with economic unease and lofty asking prices have prompted California house hunters to rethink what they’re willing to pay in late summer. That probably won’t change this fall — or for much of next year.. In the past 12 months, this California price benchmark has risen at an 8% average annual rate.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IRS just released new federal tax brackets and standard deductions. Here's what they mean for your family's tax bill.IRS just released new federal tax brackets and standard deductions. Here's what they mean for your family's tax bill. AndrewKeshner
Read more »
High inflation just pushed IRS deductions and tax rates higher — here’s how much, and when they kick inInflation has already prompted an 8.7% increase in next year's Social Security payments.
Read more »
Gas Prices Fall For 7 Days As White House Considers Selling Emergency Reserves To Avoid Dreaded Return To $4 MarkThe Biden Administration is planning to tap into the country’s emergency petroleum reserves in an attempt to cut gas costs ahead of the midterm elections next month.
Read more »
4 great car cleaning kits - starting at just $39.99 - AutoblogIt might seem counterintuitive to be thinking about car washes in October, but now's a great time to stock up and get a full kit at a great price.
Read more »
This $4 Million Palm Springs Retreat Blends Desert Living With Stunning Mountain VistasThe four-bedroom, 4,000-square-foot home was built in 1947 by California architect Robson Chambers.
Read more »