Los Angeles condo sales hit 20-year low as rates, fees and construction slowdown weigh on demand

Los Angeles County condominium sales fell to their weakest start since at least 2005 in January and February 2026, as high mortgage rates, rising ownership costs and limited new supply pressured the housing market, Attom data showed. Fewer than 2,000 condos sold in the first two months of 2026, down more than 40% from a recent peak five years earlier. The county’s median condo price fell 4.5% in February from a year earlier, compared with a 1.6% decline for single-family homes. Attom said no Southern California county from Ventura to San Diego posted year-over-year condo price gains; Ventura recorded the steepest drop at 8.6%. Analysts cited rate sensitivity among condo buyers, higher homeowners association fees, insurance costs and tighter financing. Developers have also shifted away from condos, citing California land and labor costs, regulations and litigation risk. New apartment construction in Los Angeles County fell 33% over three years to an 11-year low in the quarter ended December 2025, while San Diego County rose 10%, CoStar data showed.