Southern California home prices were unchanged in August from a month earlier as rising mortgage rates made houses even less affordable.
The weekly Freddie Mac survey is a widely followed reference point for the average rate on a 30-year fixed mortgage.. The Southern California median price — the point at which half of homes sold for more and half for less — is 2.6% less than the all-time high reached this spring.
“That maddening competition is gone,” said Jeff Lazerson, president of brokerage Mortgage Grader, noting sellers are more open to low down payment offers they previously would have ignored.: The median price was $820,000, down 2.4% from July and up 4.5% from a year earlier. Sales dropped 28.6% from August 2021.: The median price was $984,000, down 1.6% from July and up 9.3% from a year earlier. Sales dropped 31.5% from August 2021.: The median price was $581,500, up 0.3% from July and up 10.
Compared with July, the median fell in all counties except Riverside. In Orange County, the median dropped below $1 million, a threshold the pricey county hit for the first time in March.
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