LA-OC home sales dip 38% as payments jump 57%

Homebuying's slump in Los Angeles and Orange counties pushed sales down 38% in October as house payments jumped 57% or more. Sales totaled 6,749 in...

November 28, 2022
9:50 PM

Homebuying's slump in Los Angeles and Orange counties pushed sales down 38% in October as house payments jumped 57% or more. Sales totaled 6,749 in the two counties — down 4,153 from October 2021, according to data from CoreLogic tracking closed transactions for single-family homes and condos, existing and new construction. Many house hunters were scared off by surging mortgage rates that cut buying power by 35% in a year that made high home prices unaffordable. Overall economic unease, especially soaring inflation, further spooked potential buyers.

Jonathan Lansner