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Los Angeles Times
Los Angeles Times
Business
Andrew Khouri

Rising mortgage rates are sending home prices lower

Home Prices Zillow Rick Palacios Jr Sourn California Richard Green John Burns Real Estate Consulting Recession

For the first time in a decade, home prices in Southern California are definitively falling.

After 10 years of largely uninterrupted gains, home values have turned negative, the result of rising mortgage rates that have squashed demand and caused sales to plummet.

The typical Southern California home price is now nearly 6% below the all-time high reached in May, according to data released Wednesday by Zillow.

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