Home prices slip, sales stall as rising borrowing costs persist in Southern California

In September 2023, Southern California's housing market was dampened by rising mortgage rates, causing home sales and prices to fall. The median price of a home dropped to $725,000, a 1.4% decline from August levels. Home sales in the six-county region fell to 13,051, the second-lowest sales tally for a September in records dating back to 1988. The number of homes for sale increased, which eased the buyer competition that had previously caused an upward pressure on home prices.

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