California home prices plateau and sales fall: Inventory slowly rising in L.A. County and back in a big way for Orange County.
ByAt the start of the year, discussing a year-over-year drop in California home prices seemed unrealistic. You can only defy gravity for so long and home prices for California are virtually unchanged year-over-year. The current median home price in the state is $396,750 up only 0.4 percent from last year and down 1.8 percent from the previous month. Sales are still low thanks to prices and the lack of inventory. California has seen a dramatic addition of rental households thanks to the current trend. The big question now with momentum tilting is where will it take home prices? California tends to do things in a big way with real estate since we perpetually go into a boom and bust cycle. Now with prices hitting a snag and inventory coming back you have to see how the media cycle is going to play into this. People are now used to prices moving up so quickly as if this was some law of nature. Los Angeles County is seeing normal inventory returning while Orange County is seeing a big jump in inventory. Let us take a look at the numbers…
