Housing market report for February 2022: Southern California

Flyhomes

3 years ago

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February 2022 highlights

Though housing prices stagnated a bit across Southern California, they only dipped to level off at rates that were still higher than most of the previous year. While LA prices dipped 5% to just over $1.6 million, the San Gabriel Valley went the other direction to lift 6% to land at over $1 million for the first time. Meanwhile San Diego and Orange County selling prices were largely flat month to month, suggesting a leveling off—not an overall dip in competition.

Taken together, home prices were largely level across Southern California In LA prices dipped 5%, in the San Gabriel Valley, they rose 6%, meanwhile San Diego prices rose by $50,000 and Orange County prices hardly budged. The market leveled off but didn’t move too far in any direction, keeping prices high and competition strong.
The San Gabriel Valley broke $1 million The average selling price of homes in the San Gabriel Valley was above $1 million for the first time ever in February of 2022. Compared to early 2022, this is a massive jump but prices have been steadily rising month over month for years so this figure represents only a 6% increase since last month—and doesn’t show any sign of slowing.
Sellers were adjusted down to the market Fifty additional homes were listed in February than in January, creating an increase in inventory that could explain the relative stagnation of the market. But sellers were strategic in their listing strategies, putting homes on the market for less than previous month but garnering an average of 7% higher than their asking price.
Despite the rise in housing prices there, the San Gabriel Valley remained the most affordable area At just over $1 million, homes in the San Gabriel Valley were still less expensive than other markets nearby that we track, including LA, San Diego, and Orange County.
Condominium prices topped $1 million for the first time in Orange County Despite high house prices in Orange County, condos have stayed below $1 million until February, catching up to the rest of the nearby market.