Southern California’s homebuying “bargain” – the condominium – just got its largest discount in 14 years.
February home sales statistics from real estate tracker Attom showed a median condo sale price of $656,000 for the six local counties. My trusty spreadsheet found that this price represents a 6% drop over the year, the biggest 12-month decline since February 2012.
The price also represents a 6% drop from the local condo price peak of $699,000 in February 2025.
The significant dip contrasts with single-family homes in Southern California, which had a median price of $862,500 in February, 31% costlier than the typical condo.
Single-family home prices are off by only 1% over the past year. February marked the first 12-month decline since May 2023, and the median was just 3% below the record $885,000 set in June 2025.
Nothing new
The condo pricing weakness is nothing new, since mortgage rates began surging in 2022.
The Southern California median condo price is up only 4% over the past four years, compared with a 44% jump in the 2018-22 period that featured record-low mortgage rates.
That’s a bit different than single-family-home pricing. Its median is up 15% in 2022-26, compared with a 44% gain in 2018-22.
Condos may be an example of how many things on the economy’s lower rung have suffered in recent years. Rising mortgage rates, for example, can be a larger hurdle for house hunters with limited budgets.
Also, numerous problems with condo ownership – from poor association management to soaring association fees and lender blacklists – may hurt a condo’s appeal.
Quite the bargain
Southern California condos were 24% cheaper than single-family homes in February.
That’s a smidge smaller discount than the 25% in January, the largest price gap between these housing categories going back to 2005.
Still, it’s quite a savings. Condos have sold for an average of 16% less than single-family homes over the past two decades. The smallest discount was 6%, during the Great Recession’s real estate turmoil in June 2009.
Few buyers
Despite seemingly noteworthy discounts, there’s a long-term slump in condo sales.
Southern California’s 2,993 condo sales in February were the third-slowest February in records dating to 2005. That buying was also down 6% year-over-year and 20% below average.
Again, look back four years: 178,129 condo sales in 2022-26 were 25% below those in 2018-22.
Single-family homes suffered as well, with the month’s 8,704 sales being the second-slowest February since 2005.
Single-family home sales were down 3% year-over-year and 27% below average. And the past four years’ 525,784 sales were off 27% from 2018-22.
Monthly madness
Perhaps recent price slippage – and cheaper loans – will spur a condo buying revival.
Combine February’s pricing and 6.1% mortgage rates, and you’ll see the typical Southern California buyer paying $3,185 per month, assuming a 20% down payment or $131,000.
February’s estimated burden – which does not include insurance, taxes, association fees or maintenance – was 16% below its high of $3,785 in November 2023.
Could that kind of cost cut boost buying?
Compare those discounts to the monthly payment a single-family home buyer got: $4,187 – 10% below its high of $4,632 in May 2024.
And don’t overlook the $173,000 down payment required to get that payment.
Sadly, the Iranian conflict increased mortgage rates and economic uncertainty – two more hurdles for any house hunter.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
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