THIS MIGHT NOT MEAN ALL THAT MUCH. Prices have been flat for 4 months. And it’s only one area of the country. Then again, Southern California has been a “leader” in housing (even years ago, as mortgage finance spun out of control and people paid Much-Too-Much for houses).
Southern California home prices appear to have hit a wall, with the median home price flat for the fourth consecutive month in October.
The median sale price was $383,750 last month, 21.8% higher than last year — but virtually unchanged from June, research firm DataQuick said Tuesday.
Home prices rose rapidly earlier this year as investors and families battled over a shortage of homes for sale, but buyers have pulled back, unwilling to stretch their budgets any further. Beyond affordability, several factors have helped ease price pressure, including rising mortgage rates, a pull-back by investors and an expanding supply of homes for sale.
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