SAN BERNARDINO COUNTY – CoreLogic, a global property information provider, released Wednesday, its monthly Southern California home sales report for March 2023. Based on county records, the company finds that San Bernardino County home prices are up by 1.1% since March 2022 with a $480,000 median price.
San Bernardino is the only county that CoreLogic tracks that saw an increase in median home sales price for this period.
Altogether the 6 counties had a collective 2.1% decrease from one year earlier.
Orange County posted Southern California’s highest median sales price for all tracked residential property types in March, at $990,000, down 2.5% from last year. It was followed by Los Angeles ($799,000) a 4.4% decrease, San Diego ($790,000) a 1.3% decrease, Ventura ($775,000) with a 0% change and Riverside ($536,000) down 4.9%.
“While Southern California home sales activity is still trending notably below 2022 levels, the seasonal rebound and falling mortgage rates have attracted more buyers to the market,” said CoreLogic Chief Economist Selma Hepp.
Hepp says that while spring reinvigorated buyer activity, many sellers are still on the sidelines, keeping the inventory of for-sale homes in the region consistently low. Due to the shortage of homes on the market, both home prices and market competition have bounced back.
In addition to a decrease in median home price, Southern California home sales volume also declined by -37.5% year over year in March. All six counties saw similar drops as the regional average, ranging from -43.3% in San Bernardino County to -33.8% in Orange County.
The next CoreLogic Southern California Home Sales report, featuring April 2023 data, will be released in May 2023.