In April, the average home price in Southern California rose marginally by 0.4% month-over-month to $884,981, but the annual growth of only 0.7% marks a significant slowdown from previous years. High mortgage rates, rising inventory, and economic uncertainties stemming from tariffs are contributing factors. With 39% more homes for sale in L.A. County compared to last year, the dynamics are shifting as sellers outnumber buyers. Zillow predicts a slight dip in home prices in the coming years, reflecting market adjustments amid ongoing economic challenges.
As mortgage rates remain high, real estate agents say existing homeowners increasingly are choosing to move rather than hold onto their ultra-low pandemic mortgage rates.
Sellers are coming back more so than buyers, showing a shift in market dynamics that is putting pressure on home prices.
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