California home prices to rise 2.5% in 2020, Realtors forecast
But sales will be flat due to “economic uncertainty and affordability issues,” the outlook says.
Realtors have little to fear from iBuyers, real estate leader says
Home selling is too personal and too complex to be automated, California Association of Realtors CEO tells members.
Sales across six Southern California counties totaled 22,284 last month, CoreLogic reported Wednesday, Sept. 25. That’s down 1.2% in a year and a modest home buying reversal after July’s 3.7% year-over-year sales gain, the region’s first increase after 11 consecutive months of declines.
The Southern California median selling price was $535,000 — flat over 12 months but not far from a record high of $542,000 set in June.
Southern California housing construction permits cut by 14%
Housing permits in Los Angeles, Orange, Riverside, and San Bernardino counties totaled 39,917 units — for ownership and rentals — in the 12 months ended in August — down from 46,391 a year earlier.
Slow is nothing new: SoCal permitting has run at a 34,334 annual rate this decade vs. 55,990 in the previous decade and 37,832 in the 1990s.
Around the region, it’s a coastal thing. L.A.-O.C. saw permits drop 19% to 26,484 units while the Inland Empire’s construction plans were off only 1.4% to 13,433 units.
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