Southern California’s housing market remains near recession-era lows, with more affordable inland regions bearing the brunt of the downturn. According to recent data, San Bernardino County has seen the largest decline, highlighting a deepening divide in the region’s fragile recovery. Experts remain concerned about the continuing uneven trend.
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Market Trends
SoCal homebuying slump slams inland, coastal counties at different rates
Photo by The Real Deal
Key Takeaways:
- Southern California’s housing market remains near recession-era lows.
- Inland counties have been hit hardest by the slowdown, particularly San Bernardino.
- Sales of new and existing homes and condos remain below the 21-year average.
- San Bernardino County’s July sales were 38 percent below normal.
- The uneven recovery raises broader concerns for the region’s economic future.
The Market at a Standstill
Southern California’s homebuying activity continues to lag, with levels hovering near recession-era lows. An analysis by property data provider Attom reveals that overall transactions remain well below the long-term average, reflecting an ongoing state of caution among both buyers and sellers.
Disparate Impact on Counties
While the entire region is struggling, the brunt of the downturn appears to be hitting inland counties especially hard. According to Attom’s data, San Bernardino County is experiencing the sharpest sales decline, at 38 percent below normal in July. Lower-priced housing in these inland areas contributes to the disparity, as buyers face economic uncertainties and remain hesitant in the current climate.
Crucial Numbers
The figures examined covered sales activity in both new and existing single-family homes, as well as condominium purchases. These residential transactions were compared against a 21-year historical average, underscoring how much the current market has dipped from typical patterns.
Below is a snapshot of San Bernardino’s July market performance compared with its usual pace:
| County | July Sales vs. Historical Normal |
|---|---|
| San Bernardino County | 38% Below |
“We’re just 3 percent above the all-time low for July sales,” Attom’s data suggests, underscoring the dramatic nature of the downturn in the county.
A Cautious Outlook
Though the region’s housing slowdown appears widespread, industry observers note that recovery could look different across various markets. The Los Angeles Daily News has also reported on the data, pointing to ongoing economic uncertainty and affordability challenges as factors contributing to the downturn. For prospective buyers and local businesses alike, the slow pace of homebuying remains a significant concern.
Ultimately, the figures show that Southern California’s housing landscape is still struggling to overcome the drag of recession-era lows, and much remains unknown about how—and when—the market will fully rebound.
