By Debra Tash
New data shows that Southern California home prices dropped in the month of March. The data was collected by CoreLogic, from their website: “Powering Housing Through Data, Analytics and Connectivity”. In a six county region outlined in their complete report march-2019-southland-chart mean prices fell by 0.1% or an average of $18,500. Homes reached their peak last June in 2018. However if you note on the chart below several areas of Ventura County saw selling prices increased They include certain zip codes in Oxnard, Simi Valley and Ventura, the cities of Fillmore, Ojai, Santa Paula and Westlake. Moorpark declined by the largest percentage.Â
Most areas didn’t show an overall drop in value with the exception of Orange County. Even Los Angeles didn’t decline overall in pricing. However in what otherwise would be considered a stagnant market the trend isn’t rosy for sellers. From Curbed: “But the market is changing. Because prices have risen faster than wages, the unaffordability of homes is taking a toll on sales. The threat of higher interest rates have also kept some prospective buyers out of the market. As a result, more homes are now on the market; they’re staying on the market for longer and price cuts are on the rise.”
Metro areas are doing better than the suburbs. However, if inventory piles up it may turn into a buyer’s market out here.
Debra Tash is Editor-in-Chief of Citizensjournal.us, past president for Citizens Alliance for Property Rights, business executive and award-winning author, residing in Somis.
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I suggest that as the current democrat controlled State continues to make the State less desirable to live in, you will see a continued reduction in the value of real estate. Too many businesses and individuals are escaping the unreasonable taxes and regulations imposed on them and choosing to leave while they can.