Home sales in Southern California, including Los Angeles, slow due to high interest rates and economic uncertainty. Sales of previously owned homes dropped 2.7% in June to 3.93 million units, with no change from June 2024. Mortgage rates remain high at 6.77%, causing homes to stay at cyclical lows.

Supply increases with 1.53 million units for sale in June, up 15.9% year over year. Median home price in June was $435,300, up 2% annually. Record high home prices are due to years of undersupply, hindering first-time buyers. Sales are strong in higher-end market, with homes above $1 million jumping 14%.

Homes are spending longer on the market, with an average of 27 days compared to 22 days last June. First-time buyers represent 30% of sales, below the historical average of 40%. All-cash deals remain elevated at 29% of sales. Homes listed received an average of 2.4 offers.

Read more at CNBC: June home sales drop as prices hit a record high