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Original LA Times – “Southern California Housing Market Slows…”

Posted by Chrles Pence on October 22, 2013
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Here is an interesting piece from the Los Angeles Times on the recent market trend.  This is very healthy messaging for us all, Seller, Buyer, and Agent!   A Seller hoping and waiting for the market to continue to explode now can realize that perhaps this is a fine time to come to market.  This creates more inventory.  Now Buyers can realize that they too are more easily able to come back into the market, allowing more transactions in a stable setting.North of Montana Santa Monica Real Estate

Below is a segment of the Los Angeles Times article, relevant to the Westside. Happy reading!

Southern California housing market slows after torrid rebound-September 2013 Data.

The median home price stays flat for the third straight month, easing fears of another housing bubble and signaling a return to a more normal market, experts say.

Southern California home buyers have apparently had their fill of bidding wars, home shortages and double-digit price hikes.

For the third straight month, the median home price across the Southland stayed essentially flat.  The September data confirmed expert predictions that waning demand would throw a wet blanket over the white-hot market.  The stall is owed to multiple factors: buyer fatigue over skyrocketing prices, higher mortgage rates, an expanding supply of homes and a pullback by investors who had swarmed the market.

The cooling has quelled fears of another housing bubble and signals a welcome return to normality, experts say.  The California Association of Realtors predicts that year-over-year price increases will return to 6% next year, more in line with historical norms.

“The market was starting to get too hot for a lot of people to touch,” said Stuart Gabriel, director of UCLA’s Ziman Center for Real Estate.  “Now we are moving toward a more sustainable growth path.”

The rapid run-up in prices peaked in June — with a whopping 28% year-over-year increase in the median price.  Sellers dominated the market, often getting multiple bids for more than the asking price amid heavy demand and scarce supply.  But sellers listing their homes now are

For now, the pullback has made life easier for buyers.

Source: Los Angeles Times

Click on this link to read the full article.

 

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