The Southern California housing market is facing a challenging year, with home sales remaining sluggish amidst high prices and mortgage rates. In March, only 13,883 homes sold, marking one of the slowest months in two decades. This reflects broader national trends and prompts concerns over affordability as buyers stretch their budgets. With ongoing trade tensions and the aftereffects of natural disasters, agents describe the current season as dismal. Despite slight improvements in listings and mortgage rates, buyer and seller confidence remains low, continuing a three-year trend of declining sales.
The Southern California housing market has delivered enough pain to go around this year, so far.
Affordability remains a major hurdle, Redfin senior economist Sheharyar Bokhari said in a statement Tuesday, May 20.
This year also marks the third straight year of sluggish sales.
This spring is sort of a whimper, Redfin's Bokhari told Bloomberg.
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