After falling through the second half of 2022, Southern California home prices are rising again.
In September, the average home price across the six-county region was $833,004, according to data from Zillow. That’s up 0.39% from the prior month, and the seventh straight month of increases.
Prices fell last year after mortgage rates more than doubled and suddenly sapped the purchasing power of buyers.
But prices resumed their climb in the spring thanks to a newer byproduct of high rates: an extreme shortage of homes for sale.
Many would-be sellers are now choosing to stay put, not willing to swap their 3% and below mortgages for a loan with an interest rate more than double that.