Southern California house prices rose in November by the smallest margin in nearly four years as sales continue to lag, according to a report by the California Association of Realtors.
The median price of an existing Southern California house — or price at the midpoint of all sales — was $512,000 in November, state Realtors reported.
That's up 2.3% year over year, the region's smallest percentage gain since January 2015.
"The slowdown in price growth is occurring throughout the state, including regions that have strong economic fundamentals, such as the San Francisco Bay Area," said Leslie Appleton-Young, state Realtor chief economist.
The statewide median was $554,760, up 1.5%.
San Francisco saw its first house price drop in 1.5 years. Prices also fell in Sonoma County and Santa Clara County (home to Silicon Valley), dropping year over year for the first time in six years.
Price gains were below average in all four counties covered by the Southern California News Group:
Los Angeles County had a median house price of $553,940 last month, up 4.3%. The average price gain was 7.5% for the year as a whole.
Orange County's median was $795,000, up 1.3%, vs. a 2018 average of 5.2%.
Riverside County's median was $400,000, up 4.4%, vs. a 2018 average of 6.2%.
San Bernardino County's median was $299,450, up 6.9%, vs. a 2018 average of 8.1%.
Lagging sales were a key reason as buyers react to higher house prices coupled with increased interest rates.
In Southern California, house sales fell 10.1% in November from the same month a year ago, Realtor economists reported.
Sales of existing single-family homes had been down year over year in Southern California in 13 of the past 17 months.
Every Southern California county saw similar declines. Sales fell 14.4% in Orange County, 11.2% in Los Angeles County, 9% in Riverside County and 3.2% in San Bernardino County.
Statewide, house sales decreased 13.4%.
Forty-one of 51 California counties posted sales drops, and statewide listings of homes for sale increased for an eighth consecutive month following three straight years of declines, the report said.
Buyers, the state Realtor report says, "continue to sit on the sidelines."
