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LA-Orange County Home Sales Plunge 46% to Record Low – Orange County Register

Homebuying in Los Angeles and Orange counties fell 46% over the 12-month period, the lowest on record for December.

Combined sales in the two counties were 5,772 units, down 4,833 units from December 2021, according to CoreLogic data.

How slow is the market?

  • December sales were the lowest on record until 1988.
  • This was the fourth lowest sales of any month.
  • This year’s sales decline was the eighth largest in 35 years. In addition, he was 50% below his average December sales since 1988.

It’s all because of economic instability that has plunged the housing market, especially sharp inflation and more expensive mortgages.

Soaring mortgage rates have also slashed purchasing power by 35% in a year, making the area’s high housing prices even more inaccessible. In his six-county region of Southern California, sales fell 47% to 12,751 over the past year. The median selling price rose 0.7% to $686,000.

Starting with December sales, let’s take a look at where LA-OC had the hardest cooldowns.

Los Angeles County had 3,984 closures, down 3% in one month and down 48% in one year. Orange County sold 1,788 units, down 2% in one month and down 40% in one year.

Now consider how the price fell.

In Los Angeles County, the median of $775,000 fell 1.1% over the month and 3% over the year. It’s also 10% off the $865,000 high set in April 2022.

Orange County’s median of $933,500 was down 2.8% over the month and 1% over the year. Also, May 2022 he is 11% off his $1,054,000 peak.

pain of payment

Higher funding is clearly the culprit. His average December interest rate on a 30-year mortgage was 6.4% compared to his 3.1% 12 months earlier.

According to my trusty spreadsheet, Los Angeles County buyers saw a 41% jump in estimated home payments, $3,862 at a median of $775,000 per month, and $2,733 at a median of $799,800 a year ago. . And that assumes you have $155,000 for a 20% down payment.

Payments in Orange County are 45% higher, reaching $4,652 at the median price of $933,500, compared to $3,204 for a $938,200 home a year ago. The down payment was $186,700 or 20%.

detached house

sale: Los Angeles County’s 2,796 transactions were down 3% in one month and 48% in one year. His 1,022 closures in Orange County are down 1% in a month and 47% in a year.

price: The Los Angeles County median of $830,000 remained flat for the month and declined 4% over the year. Orange County’s median $1 million is down 3% over the month and 6% over the year.


sale: Los Angeles County sold 894 homes, down 2% in one month and down 51% in one year.Orange County sells 496 — up 6% in a month When But 39% decrease in one year.

price: The Los Angeles County median of $619,500 decreased 3% over the month and 5% over the year. Orange County’s $721,000 median is up 5% over the month and 8% over the year.

new house

sale: A construction company in Los Angeles County sold 225 units, down 13% in a month and down 36% in a year. In Orange County he has sold 263 new homes. 20% decrease in one month, 19% increase in one year.

https://www.ocregister.com/2023/01/28/la-orange-county-home-sales-plummet-46-to-record-low/ LA-Orange County Home Sales Plunge 46% to Record Low – Orange County Register

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