Southern California home sales fell to their lowest level for an August on record as stubbornly elevated prices and mortgage rates \u2013 plus economic uncertainty \u2013 scared off house hunters.<\/p>\n
The six-county region had 14,476 sales in the month, according to Attom\u2019s tracking of closed transactions involving houses and condos, both existing and newly constructed. These statistics, which date to 2005, show local sales were down 5% in a year and 33% below the average August.<\/p>\n
The ugly sales slump has persisted for more than three years, beginning with the Federal Reserve ending its cheap money policies in early 2022<\/a>. And there are a few signs that homebuying is reviving.<\/p>\n Take a slightly longer-term view: In the past 12 months, 183,555 Southern California residences were sold. That\u2019s 27% below average and the 27th consecutive month that sales haven\u2019t hit 200,000. The previous streak of fewer than 200,000 annual sales lasted five months during the global financial meltdown in 2008.<\/p>\n Yes, August was slower than the housing crash<\/a>.<\/p>\n And a surge in homes on the resale market didn\u2019t help.<\/p>\n Homeowners in the six counties had an average of 41,927 homes listed for sale in the three months ended in August, according to Realtor.com stats<\/a>. That\u2019s up 38% in a year. This measure of inventory is also 20% above Southern California\u2019s summertime average, going back to 2016.<\/p>\n Prices are all wrong<\/p>\n If there\u2019s any good news for Southern California\u2019s house hunters in Attom\u2019s numbers, it\u2019s that price gains have cooled.<\/p>\n Yes, the region\u2019s median selling price of $812,000 for August was up 2% from the previous year and was the ninth-highest in Attom\u2019s two decades of data.<\/p>\n However, it\u2019s 2% below the $830,000 record set in June 2025. Plus, it\u2019s a decidedly slower appreciation compared with the 6% gains averaged over the past 10 years.<\/p>\n Still, mid-summer buyers had little relief from mortgage rates<\/a>, which averaged 6.7% for 30-year loans in the three months ending in August \u2013 only a smidge lower than the 6.8% a year earlier.<\/p>\n Those rates \u2013 assuming a 20% down payment \u2013 gave Southern California\u2019s August buyers an estimated $4,196 monthly house payment. That\u2019s 3% below the $4,335 high of May 2024. The house payment burden has increased 111% in six years.<\/p>\n Don\u2019t forget: You\u2019d need $162,000 for the down payment to get this \u201cdeal.\u201d<\/p>\n One big question is whether recent rate declines to around 6.3% stick, and whether discounted financing will create a buying rebound. Note that the recent rate dip only makes payments roughly 4% cheaper.<\/p>\n But the rate drops are largely tied to a cooling job market. For example, Southern California\u2019s hiring was half its normal pace this summer<\/a>. That doesn\u2019t boost confidence in budget-strapped house hunters<\/a>.<\/p>\n Not just here<\/p>\n Homebuyers across California are showing similar signs of reluctance.<\/p>\n Statewide, there were 28,114 sales in August, marking the slowest August on record, down 5% from the previous year and 31% below average. And there\u2019s also little price relief. The $730,000 median was up 1% in a year and is 3% below the $750,000 record set in May 2024.<\/p>\n The market is lethargic nationwide, too, with 345,016 sales, down 9% in a year and 18% below average. The $365,000 median was up 2% in a year, and it\u2019s only 1% below the $370,000 record set in June 2025.<\/p>\n Region in a slump, too<\/p>\n The buying slump was seen across Southern California. Sales fell in four of the six counties over the past year, and prices decreased in three of those counties.<\/p>\n To contemplate just how far sales are from normal, look at the county results, ranked by sales declines from an average August \u2026<\/p>\n San Bernardino: 1,696 sales, down 9% in a year and 40% below average. Pricing? $520,000 median, off 1% in a year and 5% below the $548,250 record of October 2024.<\/p>\n Riverside: 2,293 sales, down 12% in a year and 36% below average. Pricing? $595,000 median, off 1% in a year and 3% below $610,500 record of April 2025.<\/p>\n Los Angeles: 5,240 sales, down 7% in a year and 32% below average Pricing? $893,500 median, up 2% in a year but 2% below the $915,000 record of May 2025.<\/p>\n San Diego: 2,439 sales, up 2% in a year but 31% below average. Pricing? $889,500 median, up 2% in a year but 2% below $910,000 record of June 2024.<\/p>\n Ventura: 637 sales, up 6% in a year but 29% below average. Pricing? $829,000 median, off 4% in a year and 7% below $890,000 record of June 2025.<\/p>\n Orange: 2,171 sales, down 1% in a year and 28% below average. Pricing? $1,150,000 median, flat in a year and 5% below the $1,210,500 record of June 2025.<\/p>\n