In September 2023, Southern California's housing market was dampened by rising mortgage rates, causing home sales and prices to fall. The median price of a home dropped to $725,000, a 1.4% decline from August levels. Home sales in the six-county region fell to 13,051, the second-lowest sales tally for a September in records dating back to 1988. The number of homes for sale increased, which eased the buyer competition that had previously caused an upward pressure on home prices.
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