Southern California home sales fell to their lowest level for an August on record as stubbornly elevated prices and mortgage rates – plus economic uncertainty – scared off house hunters.
The six-county region had 14,476 sales in the month, according to Attom’s tracking of closed transactions involving houses and condos, both existing and newly constructed. These statistics, which date to 2005, show local sales were down 5% in a year and 33% below the average August.
The ugly sales slump has persisted for more than three years, beginning with the Federal Reserve ending its cheap money policies in early 2022. And there are a few signs that homebuying is reviving.
Take a slightly longer-term view: In the past 12 months, 183,555 Southern California residences were sold. That’s 27% below average and the 27th consecutive month that sales haven’t hit 200,000. The previous streak of fewer than 200,000 annual sales lasted five months during the global financial meltdown in 2008.
Yes, August was slower than the housing crash.
And a surge in homes on the resale market didn’t help.
Homeowners in the six counties had an average of 41,927 homes listed for sale in the three months ended in August, according to Realtor.com stats. That’s up 38% in a year. This measure of inventory is also 20% above Southern California’s summertime average, going back to 2016.
Prices are all wrong
If there’s any good news for Southern California’s house hunters in Attom’s numbers, it’s that price gains have cooled.
Yes, the region’s median selling price of $812,000 for August was up 2% from the previous year and was the ninth-highest in Attom’s two decades of data.
However, it’s 2% below the $830,000 record set in June 2025. Plus, it’s a decidedly slower appreciation compared with the 6% gains averaged over the past 10 years.
Still, mid-summer buyers had little relief from mortgage rates, which averaged 6.7% for 30-year loans in the three months ending in August – only a smidge lower than the 6.8% a year earlier.
Those rates – assuming a 20% down payment – gave Southern California’s August buyers an estimated $4,196 monthly house payment. That’s 3% below the $4,335 high of May 2024. The house payment burden has increased 111% in six years.
Don’t forget: You’d need $162,000 for the down payment to get this “deal.”
One big question is whether recent rate declines to around 6.3% stick, and whether discounted financing will create a buying rebound. Note that the recent rate dip only makes payments roughly 4% cheaper.
But the rate drops are largely tied to a cooling job market. For example, Southern California’s hiring was half its normal pace this summer. That doesn’t boost confidence in budget-strapped house hunters.
Not just here
Homebuyers across California are showing similar signs of reluctance.
Statewide, there were 28,114 sales in August, marking the slowest August on record, down 5% from the previous year and 31% below average. And there’s also little price relief. The $730,000 median was up 1% in a year and is 3% below the $750,000 record set in May 2024.
The market is lethargic nationwide, too, with 345,016 sales, down 9% in a year and 18% below average. The $365,000 median was up 2% in a year, and it’s only 1% below the $370,000 record set in June 2025.
Region in a slump, too
The buying slump was seen across Southern California. Sales fell in four of the six counties over the past year, and prices decreased in three of those counties.
To contemplate just how far sales are from normal, look at the county results, ranked by sales declines from an average August …
San Bernardino: 1,696 sales, down 9% in a year and 40% below average. Pricing? $520,000 median, off 1% in a year and 5% below the $548,250 record of October 2024.
Riverside: 2,293 sales, down 12% in a year and 36% below average. Pricing? $595,000 median, off 1% in a year and 3% below $610,500 record of April 2025.
Los Angeles: 5,240 sales, down 7% in a year and 32% below average Pricing? $893,500 median, up 2% in a year but 2% below the $915,000 record of May 2025.
San Diego: 2,439 sales, up 2% in a year but 31% below average. Pricing? $889,500 median, up 2% in a year but 2% below $910,000 record of June 2024.
Ventura: 637 sales, up 6% in a year but 29% below average. Pricing? $829,000 median, off 4% in a year and 7% below $890,000 record of June 2025.
Orange: 2,171 sales, down 1% in a year and 28% below average. Pricing? $1,150,000 median, flat in a year and 5% below the $1,210,500 record of June 2025.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
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