Alex Tijerina For NicolePompey.com
CoreLogic released their May 2019 report for Southern California Home Sales and while it was no surprise to us here at nicolepompey.com, many people were stunned to see the results.
Here is a quick summary of the detailed report:
-Riverside County total home sales rose 1.6%, while the other five counties in Southern California decreased.
-Orange County had the biggest decline in total homes sold for May as homeowners saw a 6.0% drop.
-Overall, Southern California total home sales for May 2019 declined to 22,300, which is a 2.7% drop compared to May 2018.
“The shift toward more of a buyer’s market can be seen in each county, where the median once consistently rose by more than 5%.”
To be sure, we have been talking with our clients here at nicolepompey.com since August of 2018 about the notion that the seller’s market in Southern California was definitely cooling in favor of buyers. Based on CoreLogic’s report, it would appear the buyer’s market has now arrived.
Be sure to read Andrew Khouri’s full story Southern California home prices are flat in May as sales fall, as he gives this report some much needed context.