Southern California Housing Stays Resilient

By October 1, 30-yr mortgage rates reached the low-7% range, up from the mid-6% range at Late-Summer's end, shaping financing decisions locally.
In Southern California, single-family prices stayed notably steady despite higher rates, while condos faced a tougher market and did not show the same stability.
Rising insurance costs, bigger reserve funding needs, and required balcony work pushed HOA fees higher, and some buildings added special assessments recently.
Those added ownership costs weighed on buyers' purchasing power in Southern California and made condominium sales tougher, making realistic pricing and negotiation especially important.
In the current quarter, buyers and sellers were encouraged to focus on individual needs, neighborhood sales, and competing inventory instead of broader national headlines.