Why aren’t cash-strapped house hunters flocking to condos, Southern California’s relative housing bargain?
My trusty spreadsheet reviewed Attom sales data for the six-county region from November 2025 back to 2005. It found that the recent affordability-linked sales slump has been little different for condominiums and pricier single-family houses.
Ponder the depth of Southern California’s sales slowdown by tracking the pace of the past three years vs. the previous 18 years of homebuying. Condo purchases dropped 28% while single-family houses were down 33%.
These largely parallel sales patterns are another example of the split performance of the economy.
Folks who’d typically buy a condo suffer financially. Higher-income households, whose finances are largely doing well, have kept the pricier slice of the housing market relatively stable.
In addition, condos have fallen out of favor with some home buyers due to poor upkeep of shared property, overbearing condo boards, and unpredictable community fees driven by rising insurance and maintenance costs.
Cost conscious
Consider the condo’s cost advantage amidst stubbornly high prices.
Southern California condos had a median sales price of $680,000 in November, just 2% below the $697,000 peak set in February 2025.
Meanwhile, the single-family house median was $865,000 for November, also 2% below its all-time high of $885,000 set in June 2025.
It adds up to buyers paying 27% more for single-family houses than for condos in November.
That’s a larger gap than the 19% average premium since 2005. And it’s just below the 32% spread in October, the largest premium on record.
One bit of good news for Southern California house hunters is the widespread cooling of home appreciation. Curiously, recent gains in condo prices have been far more muted.
Southern California’s condo median is up just 9% during the past three years vs. a 32% surge in 2019-2022.
Contrast that to single-family houses, up 15% over the past three years after a 31% jump in 2019-2022.
Payment pain
Contemplate what really matters: monthly mortgage payments.
November’s typical Southern California condo buyer would have paid the lender an estimated $3,360 a month.
This calculation assumes the buyer got the 6.3% three-month average mortgage rate – the lowest in three years – and had a 20% down payment.
While this payment is 11% below the top set in November 2023, it has grown by 93% over the past 6 years.
For a single-family house, the same math shows a November buyer paying $4,274 a month. So, hypothetically, a condo could save a buyer $914 a month vs. getting a house.
A house buyer’s payment is 8% below its peak in May 2024, but this burden has grown by 103% over the past 6 years.
Remember, this payment math does not include other recurring ownership costs, such as property taxes, insurance or maintaining one’s home.
Oh, and it’s also missing homeowner association fees – often a major headache for condo owners.
Also, don’t forget the down payments required: $136,000 for a condo and $177,000 for a house.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]
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