According to CoreLogic, the median sales price in Southern California (encompassing 6-counties) increased to $535,000 in August 2018, up 1% from July. The median sale price increased 7% from the year prior and was just under the all-time high of $537,000 reached in June 2018.
Sales volume however dropped by 8% compared to August 2017.The exact reason or reasons for the decline in sale prices is not established however the increase in interest rates in the past year has led to slightly lower affordability for buyer which logically would translate to lower sales.
More sellers are dropping prices on their homes for sale, something not seen in many years. In addition, marketing times have been increasing as well.