Southern California Home Prices Decline for Third Month

The Southern California housing market is showing signs of cooling, with home prices in the Inland Empire dipping for the first time in 17 months, reflecting broader trends across the region where starter home prices fell 0.7% year-over-year. Despite a 3.8% increase in national home prices compared to October 2023, a spike in mortgage rates has hindered affordability, leading to a slowdown in buying activity. In Hyderabad, unit sales dropped nearly 7% in the first half of fiscal 2024, contrasting sharply with growth in other major Indian cities like Bengaluru and NCR, which saw significant increases in average home prices. The ongoing construction slowdown, attributed to high mortgage rates and rising costs, is contributing to the overall housing market challenges. While Southern California's average home price remains near record highs, the number of homes for sale has increased significantly, indicating a potential shift in market dynamics. Overall, economic pressures and changing consumer behaviors are influencing housing trends both in the U.S. and globally.