Home prices fall in Southern California for the first time in 7 years

The Southern California median home price dipped slightly in March from a year earlier, the first annual decrease since 2012 and a sign of a remarkable downshift from the once-sizzling regional housing market.

The 0.1% drop, reported Friday by CoreLogic, means prices for the six-county region were essentially flat year-over-year. But given a pullback in previous months, prices are $18,500 off their June 2018 peak, and that raises the possibility of a sustained decline in months ahead.

The median price for new and resale houses and condos — the point where half the homes sold for more and half for less — was $518,500 in March, $500 less than a year ago and off the all-time high of $537,000 reached in June. …

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