California home price appreciation is cooling

Prices for starter homes in Riverside and San Bernardino counties fell 0.7% over the past year, marking the first decline in 17 months. This contrasts with a 2.4% increase previously. Luxury home values also cooled, rising 3.6% compared to 5.4% the prior year. Overall, inland prices increased by 0.9%, down from 3.4%. Other California markets showed similar trends, with Orange County's starter homes up 5.4%, but slower than last year's gains. High prices and mortgage rates continue to hinder home sales.