The Los Angeles housing market appears to be flattening out.
The number of homes sales in the L.A. region fell by 0.4 percent year-over-year in October, after nine months of straight increases, according to data from CoreLogic.
The lag may be a sign that buyers are starting to pull back amid rapid price escalation.
“Southern California home sales lost steam in October, dipping more than usual from September,” said Andrew LePage, research analyst with CoreLogic. “Sales remain constrained by a tight inventory of homes for sale and lower affordability.”
Prices kept climbing despite the slowdown, with the median price for a home jumping by 5.8 percent to $490,000. [CNBC] – Katherine Clarke