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Southern California Market Updated June 2024

Kevin Kwan June 21, 2024
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Our team is committed to continuing to serve all your real estate needs while incorporating safety protocol to protect all of our loved ones.

In addition, as your local real estate experts, we feel it’s our duty to give you, our valued client, all the information you need to better understand our local real estate market. Whether you’re buying or selling, we want to make sure you have the best, most pertinent information, so we’ve put together this monthly analysis breaking down specifics about the market.

As we all navigate this together, please don’t hesitate to reach out to us with any questions or concerns. We’re here to support you.

- Kevin Kwan, LIC #01488390

The Local Lowdown

Quick Take:

  • The median single-family home price reached a record high in Los Angeles County, crossing over the $1 million mark for the second time in history. Home prices are only slightly below peak and could easily reach new highs in June.

  • Active listings in Southern California rose 2.0% month over month and sales increased 4.5%. However, new listings fell 1.0%, which could be a blip or may be an early sign that inventory will remain incredibly tight this year.

  • Months of Supply Inventory fell below three months of supply in February, and fell further through May, indicating the market favors sellers.

Note: You can find the charts/graphs for the Local Lowdown at the end of this section.

The median single-family home price in Los Angeles County hit a new all-time high

In Southern California, home prices are just below record highs for both single-family homes and condos with the exception of Los Angeles County. Persistently low inventory and high demand have more than offset the downward price pressure from higher mortgage rates. Prices in Southern California generally haven’t experienced larger drops due to higher mortgage rates. In fact, in May, the median single-family home price in Los Angeles County reached $1,010,500 — a new record high. Single-family home and condo prices in the rest of Southern California are only slightly below peak. Since prices typically peak in the summer months, prices could easily rise to new highs in June. Additionally, inventory is so low that rising supply will only increase prices as buyers are better able to find the best match.

High mortgage rates soften both supply and demand, but home buyers and sellers seemed to tolerate rates above 6%. Now that rates are above 7%, sales are slowing once again during the time of the year when sales tend to be at their highest. This phenomenon isn’t great for the market, but it isn’t terrible, either, as it may allow inventory to build in a massively undersupplied market.

Local Lowdown Data


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