SoCal home sales drop by half, prices fall 1% in 2022
Total home sales dropped 47 percent last year across the six-county region, with the median price falling 1 percent
Home sales fell to a 14-year low of 211,046 transactions in 2022, compared to an average of 277,500 deals a year
In December, the median price for a home in Los Angeles County fell 3.1 percent to $775,000
Los Angeles County home sales down 47.8 percent to 3,984 transactions
High prices and the swift rise in mortgage rates were at the heart of the big shift, choking off demand as house payments soared out of reach for many buyers
It now takes five to six weeks to sell a Southern California home, compared with less than two weeks a year ago, according to Zillow
At the same time, more than a quarter of last month’s home sales sold for more than the seller’s asking price, compared with 59 percent a year earlier
Although mortgage rates have dipped in recent weeks, real estate experts expect 2023 to be a challenge for the housing market