Southern California homes sales plummeted in January amidst higher mortgage rates, as data from a new CoreLogic report indicates a 43% drop from January of 2022, marking 14 consecutive months that sales numbers were below year-ago levels. The 9,938 closed sales in January 2023 is a new record low for any month in Southern California in the last 35 years.

The Orange County register reports that the median price of a SoCal home is also plummeting, down $90,000 from the price peak last spring to $670,000. The days of bidding wars are well behind, as most homes are now selling below asking price and averaging more than eight weeks on the market.

“Southern California housing markets continue to be challenged by high mortgage rates and eroded affordability,” said CoreLogic’s Selma Hepp, who says the situation is exacerbated by a standoff between buyers wanting better deals and sellers expecting last year’s prices.