California
Housing tracker: A slowdown in the Southern California market for homes and rentals
The Southern California housing market is downshifting.
The average home price in the six-county region fell 0.3% from October to $869,288 in November, according to Zillow, marking the fourth consecutive month of declines.
“There is really no urgency from buyers,” said Mark Schlosser, a Compass agent in the Los Angeles area. “They are waiting.”
Prices are now 1.3% off their all-time high in July, but some economists say prospective home buyers and sellers shouldn’t expect home values to plunge — one reason behind the shift is the market typically slows in the fall and prices are still above where they were a year ago.
Still, more homes are hitting the market and mortgage interest rates remain high, creating a situation of slightly more supply and slightly less demand.
As a result, annual price growth has slowed. Last month, Southern California home prices were 4.3% higher than a year earlier, compared to a recent peak of 9.5% in April.
Orphe Divounguy, a senior economist with Zillow, said he expects annual price growth in Southern California to slow further next year, but not turn negative.
Though more home owners are choosing to sell their home, many others still don’t want to give up their ultra-low mortgage rates they took out during the pandemic.
Divounguy said there’s also California’s long-running problem of building too few homes for all the people who want to live here. In some places that build more, prices are already falling compared to last year.
In the Austin metro area, prices were down 3.4% in November, according to Zillow.
“Until we see inventory catch up, like we have in some of these big metros that built a ton of housing, I don’t think we are going to see negative prices,” he said.
Locally, Zillow forecasts home prices in November 2025 to be 1.5% higher than they are today across Orange and Los Angeles counties. In the Inland Empire, values should climb 2.7%
Though prices may keep rising, if incomes climb as well and mortgage rates fall, the housing market could become more affordable to people looking to break in.
Depending on the time frame one looks at, that’s already happening to some extent.
Inflation and economic growth play a major role in the direction of mortgage rates. In May, mortgage rates were above 7%, but then steadily declined to 6.08% in September, amid signs inflation was easing and the economy was weakening.
Rates started climbing again, following stronger than expected job growth and fear among investors that an incoming Trump administration would institute policies such as sweeping tariffs and tax cuts that would reignite inflation.
In late November, mortgages rates hit 6.84%, but have declined somewhat since, clocking in at 6.6% as of Dec. 12, according to Freddie Mac.
In a statement announcing the latest mortgage rate figures, Freddie Mac chief economist Sam Khater noted that “while the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.”
Housing prices by city and neighborhood
Note to readers
Welcome to the Los Angeles Times’ Real Estate Tracker. Every month we will publish a report with data on housing prices, mortgage rates and rental prices. Our reporters will explain what the new data mean for Los Angeles and surrounding areas and help you understand what you can expect to pay for an apartment or house. You can read last month’s real estate breakdown here.
Explore home prices and rents for November
Use the tables below to search for home sale prices and apartment rental prices by city, neighborhood and county.
Rental prices in Southern California
In the last year, asking rents for apartments in many parts of Southern California have ticked down.
Experts say the trend is driven by a rising number of vacancies, which have forced some landlords to accept less in rent. Vacancies have risen because apartment supply is expanding and demand has fallen as consumers worry about the economy and inflation.
Additionally, the large millennial generation is increasingly aging into homeownership, as the smaller Generation Z enters the apartment market.
Prospective renters shouldn’t get too excited, however. Rent is still extremely high.
In November, the median rent for vacant units of all sizes across Los Angeles County was $2,057, down 1.2% from a year earlier but 7.2% more than in November 2019, according to data from Apartment List.
BAKERSFIELD, Calif. (KBAK/KBFX) — The California Highway Patrol is urging drivers to stay focused on the road as they head out for Fourth of July celebrations.
The holiday weekend can be a dangerous time on our roads as millions of drivers are expected to travel.
CHP Officer Jorge Toro joined Eyewitness News Mornings to share how drivers can stay safe behind the wheel.
Officer Toro also highlighted the importance of sober driving over the holiday.
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He says anyone hosting a party should make sure all of their guests get home safely, ensuring anyone who may be impaired doesn’t drive.
California is returning a stretch of rugged Mendocino County coast to the Indigenous nations whose ancestors once stewarded its shores.
State transportation officials recently approved the transfer of Blues Beach and the surrounding bluffs to Kai Poma, a nonprofit founded by representatives of the Sherwood Valley Band of Pomo Indians, Round Valley Indian Tribes and Coyote Valley Band of Pomo Indians.
The transfer of 136 acres just south of the community of Westport will mark the first time land managed by the California Department of Transportation has been returned to Indigenous tribes.
“This is beyond huge,” said J. Carlos Rivera, tribal chairman of the Sherwood Valley Band of Pomo Indians. “It’s enormous from our tribal perspective that we are basically obtaining the land that our people once lived on before colonization.”
California purchased the swath of rocky cliffs and windswept shoreline in the 1960s to expand the construction of Highway 1 and create a scenic viewpoint for highway travelers, according to a California Coastal Commission report.
More recently, public access has been largely unregulated, and summer weekends and holidays have drawn large groups who camp and party on the beach, at times driving through sensitive areas, damaging cultural sites and leaving behind trash, the report states.
Kai Poma plans to conduct cultural and archaeological resource studies and environmental surveys and then prepare a resource management plan for the property, according to planning documents. The nonprofit and the Coastal Commission have drafted a public access management plan that states the land will be open from sunrise to sunset.
Rivera described the entire property as a sacred site. The coastal waters are used by tribal people for seaweed and abalone gathering, and the shores host youth cultural camps, he said. “Protecting the land, it has a deeper meaning for us because we’re connected to the land,” he said.
The effort to acquire the land took years — and required a change in state law. Caltrans lacked the ability to transfer land to tribal governments until 2021, when Gov. Gavin Newsom signed a bill sponsored by state Sen. Mike McGuire (D-Healdsburg) that enabled the transfer, according to a news release issued at the time. The law also bars commercial activity on the property and requires public access be maintained.
“With 136 acres now officially transferred into tribal stewardship, one of the most spectacular stretches of the Mendocino Coast will be forever protected,” McGuire said in a statement.
“This agreement, the first of its kind in California, gives these three dynamic Native American tribes the rightful opportunity to reclaim sacred lands and cultural traditions on this special piece of earth. And it’s about damn time.”
The land transfer cleared its last regulatory hurdle June 26 with the approval by the California Transportation Commission, said Neil Thapar, an attorney who works as an advisor and legal consultant to Kai Poma. Caltrans staff will next record the deed transferring the title from the state of California to Kai Poma, which is expected to happen any day, he said.
Fireworks Safety Guide
Essential safety tips for buying, handling, and watching fireworks to ensure a safe celebration.
With July 4 falling on a Saturday this year, many businesses and organizations are taking the day off Friday, July 3, to mark America’s 250th birthday. From banking to mail service, here’s what’s open and closed for the holiday weekend.
Most federal offices closed, mail service to continue
Non-essential federal offices will be closed on July 3. However, mail service will continue as normal, and post offices are scheduled to remain open.
Most California government offices to remain open
Most California government offices will be open on July 3, with some exceptions.
DMV offices throughout the state will be open. However, the Employment Development Department will be closed.
DMV offices that offer Saturday hours will be closed on July 4.
Private parcel services to remain open
UPS and FedEx are both scheduled to operate normally on July 3, but will suspend service on July 4.
Stock markets closed
Both the New York Stock Exchange and Nasdaq will be closed on July 3.
Most banks to stay open
While most banks were expected to operate normally on July 3, some may operate under modified holiday hours. All banks will be closed on July 4.
Online banking services should remain operational.
Grocery stores
Most major grocery chains will be open on both July 3 and July 4. Trader Joe’s locations will be open for regular business on July 3 but will close early at 5 p.m. on the Fourth of July.
Retailers
Many major retail stores, such as Walmart and Target, plan to operate under normal business hours on both July 3 and 4. All Costco warehouse stores operate under normal business hours on July 3, but will close on July 4.
Restaurants
Most major restaurant chains remain open on July 4, but some will have limited hours. All Raising Cane’s locations will close on July 4.
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