The median home price in the six-county Southern California region rose a modest nine percent during the last 12 months, compared to the muscular 26 percent climb on a year-over-year basis at the market's peak in Spring 2004.
Prospective homebuyers are waiting longer to bid, and sellers don't want to lower their prices. Experts see a housing market in transition; price increases and expectations are more normal, possibly without significant price declines in the future. The overall economy is stronger than in the mid-1990s. Yet predicting future market activity is uncertain: will prices continue to slide or is single-digit appreciation the new norm?
Thanks to D. A. Varnado, AICP
FULL STORY: More Signs of Housing Cool-Down
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