Southern California Housing Market Plummets
Irvine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Southern Californias housing market in 2026 is facing a significant downturn, with home sales plummeting by 26% since the easy-rate era. The median sales price has reached $785,000, a 1% increase from last year, but monthly payments have surged by 59% to around $3,838. Wages have only risen by 21% locally, making it difficult for buyers to afford a median home with a 20% down payment of $157,000. Mortgage rates have doubled to 6.4% over the past four years, further exacerbating the affordability crisis. The pain is not limited to Southern California, with Californias and national payments also rising by 55% and 66% respectively.
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