Southern California home prices rose only 1.2% in June from a year earlier, indicating that buyers aren’t willing or able to aggressively bid up homes after years of sharp price increases.
Southern California home prices rose only 1.2% in June from a year earlier, while sales fell 8.8%, reflecting a broad slowdown in the region’s pricey housing market.
Although that price is a record, the modest rise indicates buyers aren’t willing or able to aggressively bid up homes after years of sharp price increases that have sparked renewed concerns over theEconomists have blamed the lack of affordability for drastically slowing the housing market toward the end of last year and causing the region’s median home price to fall slightly in March from a year earlier — the first decline since 2012.
But despite those savings, agents say buyers are still pickier than in years past, when bidding wars were furious and homes flew off the market. In Los Angeles County, the median time on market last month was 46 days, compared with 36 days a year earlier, according to online brokerage Redfin. Time on market rose in each of the other five counties in the region as well.In Los Angeles County, the median price rose 0.5% to $618,000 in June and sales fell 12.1%.
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