The Southern California housing market fell last month.
According to Zillow, the median home price in the six-county region fell 0.2% from November to December to $867,042, marking the fifth straight month of declines.
Prices fell 1.5% to an all-time high in July, but some economists say home buyers and sellers shouldn't expect home values to fall — one reason for the change is that the market typically slows in the fall and winter and prices are still above where they were a year ago.
Still, more homes are hitting the market and mortgage interest rates are higher, 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 up 4.3% from a year earlier, up from 9.5% in April.
Some economists expect price growth to slow further this year but not turn negative because there is still not enough supply for everyone who wants to live here.
The Palisades and Eden fires destroyed or seriously damaged more than 11,000 homes before suddenly forcing thousands of additional families into the search for housing.
Note to readers
Welcome to the Los Angeles Times Real Estate Tracker. Every month we publish a report with data on house prices, mortgage prices and rental prices. Our reporters will explain what the latest data is for Los Angeles and the surrounding area 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 December
Use the table below to search home sale prices and apartment rental prices by city, neighborhood and district.
Rental prices in Southern California
In the past year, asking rents for apartments have fallen in many parts of Southern California.
Experts say the rising number of vacancies has forced some landlords to accept lower rents. Vacancies have increased as apartment supply expands and consumers worry about the economy and inflation.
Additionally, the large millennial generation is on the rise Aging in Home Ownership, The younger Generation Z is entering the apartment market.
However, prospective renters shouldn't get too excited. Rent There's more, and January's fires in LA County are expected to put upward pressure on rents, especially in areas adjacent to Pacific Palisades and Altadena.
In December, before the fire, the median rent for vacant units across Los Angeles County was $2,045, down 0.7% from a year earlier but up 6.8% from December 2019, according to Apartment Directory.