August 2024 Monthly Housing Market Report

The August housing market showcased varied trends across several cities in Southern California, reflecting changes in median sale prices, days on market, and sales volume. While some areas experienced significant growth in median sale prices, others saw declines. This analysis provides a detailed overview of the market's performance across eight cities, highlighting key trends and competitiveness.

San Gabriel

San Gabriel saw a substantial increase in its median sale price, jumping by 36.6% to $1,569,000 compared to last year. Despite this rise, the market has slightly slowed, with the median days on market increasing by 4 days to 34. However, home sales rose by 25%, indicating a still active market, and the Compete Score™ of 68 suggests moderate competition, with some properties receiving multiple offers.

Irvine

Irvine continues to demonstrate robust market activity, with the median sale price reaching $2,279,500, a 7.5% increase from the previous year. Homes here are selling faster, with a median of 34 days on the market, despite a slight increase in this figure. The number of homes sold fell by 37.1%, but the market remains highly competitive, earning a Compete Score™ of 78, with many homes attracting multiple offers, some even with waived contingencies.

Chino Hills

Chino Hills experienced a modest rise in median sale price, up 1.9% to $1,050,000. The market is heating up, with homes spending a median of 27 days on the market, 6 days fewer than last year. Although the number of homes sold decreased by 9.76%, the competition remains fierce, with a Compete Score™ of 81, indicating many homes are attracting multiple offers.

Diamond Bar

Diamond Bar presents a contrasting picture, with a 9.7% decrease in the median sale price to $1,203,000. Homes here are taking longer to sell, with the median days on market increasing by 9 days to 30. The number of homes sold also dropped by 10%. Despite these figures, the area remains very competitive, with a Compete Score™ of 72, showing that many homes are still receiving multiple offers.

Walnut

Walnut showed a slight dip in median sale price by 1.6%, settling at $1,058,000. Homes are selling faster, with the median days on market decreasing by 3 days to 31. However, the number of homes sold dropped by 27.8%. Despite this, the market remains highly competitive, reflected in a Compete Score™ of 80.

Pasadena

Pasadena saw a healthy increase in its median sale price, rising by 14.3% to $1,640,000. Homes are moving quicker, with the median days on market down by 6 days to 28. The number of homes sold increased slightly by 4.4%, indicating a lively market. However, the Compete Score™ of 49 suggests a somewhat competitive environment, with some homes getting multiple offers.

San Marino

San Marino stands out with a remarkable 40.2% increase in median sale price, now at $3,525,000. Despite this significant jump, homes are taking longer to sell, with the median days on market increasing by 16 days to 44. The number of homes sold remained steady with no percentage change. With a Compete Score™ of 52, San Marino is somewhat competitive, with some properties attracting multiple offers.

Arcadia

Arcadia showed a 7% increase in the median sale price to $1,980,000. The market has slowed, with the median days on market increasing by 34 days to 56, indicating a less rapid turnover. However, the number of homes sold rose by 7.4%. The Compete Score™ of 57 suggests moderate competition, with some homes receiving multiple offers.

The August housing market in Southern California exhibits a mix of growth and stabilization. While cities like San Gabriel and San Marino witnessed significant price increases, areas like Diamond Bar and Walnut experienced price declines. Most markets remain competitive, with many properties receiving multiple offers, reflecting ongoing demand. However, a general trend of increasing days on market in several cities may indicate a slight cooling or a shift in buyer behavior. As we move forward, these trends will be crucial for buyers and sellers to watch, shaping the market's trajectory in the coming months.