{"id":7845,"date":"2026-05-19T16:32:49","date_gmt":"2026-05-19T16:32:49","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=7845"},"modified":"2026-05-19T16:32:49","modified_gmt":"2026-05-19T16:32:49","slug":"did-southern-california-homebuying-hit-bottom-with-sales-at-3-year-high","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=7845","title":{"rendered":"Did Southern California homebuying hit bottom with sales at 3-year high?"},"content":{"rendered":"
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Cheaper mortgages and slight price discounts put Southern California house hunters in a rare yet modest buying mood as the traditional spring sales rush began.<\/p>\n

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Using Attom data tracking closed sales in March, my trusty spreadsheet found Southern California had 14,538 sales, a 2% boost from a year earlier, and the first year-over-year increase since October 2025.<\/p>\n

The month also marked Southern California\u2019s highest March sales count since 2023. Attom\u2019s tally for the six-county region includes houses and condos, both existing properties and newly constructed residences and goes back to 2005.<\/p>\n

Remember, closed sales in March were largely the result of decisions made before the Iranian war upended the economy.<\/p>\n

Looking back, a key draw for buyers was the average mortgage rate of 6.1%. The last time rates were lower was in October 2022.<\/p>\n

Also, house hunters may have been energized by home prices that have seemingly peaked. The six counties\u2019 combined March median of $810,000 was down 1% from a year earlier and 3% below the record high of $830,500 reached in June 2025.<\/p>\n

Brief bump?<\/h4>\n

Any exuberance should be tempered. Whatever upswing came in March could be short-lived.<\/p>\n

Consumers are antsy.<\/p>\n

\n<\/div>\n

Locally, Southern California job creation is running two-thirds below its post-Great Recession norm.<\/p>\n

Globally, what was promised as a short war with Iran has proven difficult to end. Oil prices have surged, driving up gasoline prices, inflation fears and overall economic concerns.<\/p>\n

And the business climate turmoil includes mortgage rates back to 6.4% in mid-May.<\/p>\n

Plus, March\u2019s regional sales pop is quite modest, historically speaking.<\/p>\n

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The slim increase left the month as Southern California\u2019s fourth-slowest-selling March since 2005, a pace that\u2019s 29% below the 22-year average.<\/p>\n

Yes, March sales were 24% above February\u2019s pace. But Southern California sales average a 32% jump in March, the kickoff to homebuying\u2019s annual prime time.<\/p>\n

Or think longer-term. Southern California\u2019s 168,153 sales completed during the 12 months ended in March were down 1% year-over-year and 27% below average.<\/p>\n

Parsing payments<\/h4>\n

Do not forget that Southern California homebuying is all about the monthly payment.<\/p>\n

And March\u2019s burden looked modestly less challenging \u2013 a plus to those who bought.<\/p>\n

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A typical Southern California buyer got a $3,931 payment in March, assuming they bought the median-priced residence at the three-month average mortgage rate with a 20% down payment. Remember, that doesn\u2019t include taxes, insurance, association fees and maintenance expenses. And you\u2019ll need to find cash for the $162,000 down payment.<\/p>\n

The good news is that this estimated payment was 8% lower than in March 2025 and 9% below the peak of $4,336 reached in May 2024.<\/p>\n

However, Southern California\u2019s March payment remained 41% higher than it was four years earlier, when the Federal Reserve ended its cheap-money policy and decided to fight inflation with costlier financing. The switch ballooned mortgage rates.<\/p>\n

Contemplate this painful memory: Home loans averaged 4.2% in March 2022 \u2013 a jump from December 2020\u2019s historic low of 2.7%. In that coronavirus era, the Fed was attempting to boost an economy throttled by pandemic-linked business restrictions.<\/p>\n

Counting counties<\/h4>\n

Homebuying rose in four of the six local counties compared with March 2025. Here are sales patterns for the six, ranked by sales change in the past 12 months:<\/p>\n

\u2013 San Diego: 2,360 sales \u2013 No. 4 lowest since 2005 \u2013 up 7% in a year. The $900,000 median was flat over the year, 2% below the June 2024 peak of $914,000.<\/p>\n

\u2013 Los Angeles: 5,150 sales \u2013 No. 4 lowest since 2005 \u2013 up 4% in a year, $894,700 median was off 1% in a year to 3% below peak of $918,000 in June 2025.<\/p>\n

\u2013 Riverside: 2,651 sales \u2013 No. 3 lowest since 2005 \u2013 up 2% in a year, $605,000 median was off 0.2% in a year to 1% below peak of $613,000 in April 2025.<\/p>\n

\u2013 Orange: 2,154 sales \u2013 No. 4 lowest since 2005 \u2013 up 1% in a year. A record $1.22 million median was 2% increase in a year and topped the previous peak of $1.21 million in June 2025.<\/p>\n

\u2013 Ventura: 580 sales \u2013 No. 3 lowest since 2005 \u2013 off 1% in a year,\u00a0 $875,000 median was up 1% in a year to 2% below the peak of $890,000 in June 2025.<\/p>\n

\u2013 San Bernardino: 1,643 sales \u2013 lowest in data dating to 2005 \u2013 off 3% in a year, $520,000 median was off 3% in a year to 5% below the peak of $549,000 in October 2024.<\/p>\n

Elsewhere<\/h4>\n

House hunters aren\u2019t rushing to buy homes outside of Southern California.<\/p>\n

Statewide, the 27,234 sales in March were the fourth-lowest count since 2005 and were essentially flat with March 2025. The $736,000 median was down 1% year-over-year and 2% below the June 2025 peak of $751,000.<\/p>\n

Nationwide, March\u2019s 302,032 sales were the seventh-lowest since 2005. They\u2019re also 10% below a year earlier. The $372,274 median was up 4% over the past year and is only 1% below the June 2025 peak of $370,200.<\/p>\n

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com<\/em><\/p>\n

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