House Prices Dip For Three Southern California Counties
Los Angeles, Orange and San Diego counties have all seen prices dip last month, according to a recent report. In areas where home prices haven't declined in seven years, the year-over-year price has finally given way to increased listings, buyer skepticism and the fact that prices have been incredibly high.
"As a seller, you have a lot more competition for your unit than a year ago or even two years ago. With more homes to choose from, buyers are taking their time," said Jordan Levine, a California Association of Realtors senior economist, according to National Mortgage News.
"One sign of wariness emerged from CAR's monthly survey of more than 400 home buyers. Just 22% said during the first week in April now is a good time to buy a home, down from 27% six months earlier, Levine said."
The report also revealed that home sales across all major regions in California have fallen with Los Angeles seeing a 12% year over year slip.
"CAR Chief Economist Leslie Appleton-Young noted the state's median house prices have been softening since hitting an all-time high last June. But she held out hope for a rebound in sales later this year," according to report.
To learn more about the recent home price drops in California, click on the image above.