A chill is settling over the once white-hot Southern California housing market.
Listings are up. Sales are falling. Price reductions are becoming more common.
The latest evidence came Tuesday when CoreLogic released its monthly market report. Sales across the region plummeted nearly 18% in September compared with a year earlier, the largest drop in almost eight years. The median home price in the six-county region rose 3.6% to $523,000, the smallest rise in more than three years.
Real estate agents said buyers are pulling back because housing has simply become too expensive — a situation made worse by the recent surge in mortgage interest rates. Some who can still afford a home are holding back because they don’t want to buy at the peak.
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