California continues to suffer from an affordable housing crisis, I saw the population decline Last year, for the first time in over a century.And Demographics of the city and its suburbs remain fluid Many residents, especially young families with children, are looking for more affordable homes that are farther away from the city center.
The chill was even more pronounced in the Greater Los Angeles metropolitan area, where median home prices ($ 725,000) remained unchanged from last month. Along the Central Coast, where median selling prices fell 2.8% in May, and along the far north of California, where median selling prices fell from $ 367,250 to $ 365,000. But one area that doesn’t seem to slow down is the condominium and townhouse markets. In May, the median selling price rose 3.9% to a maximum of $ 592,000.
Jonathan Miller of Appraisal Company Mirror Samuel edits monthly Eliman ReportA detailed survey of sales activities in several major US markets, including California. He agrees that California’s enthusiasm is beginning to slow, but he quickly dismisses the scenario of the end of the imminent bursting bubble.
“Inventory shortages are widespread and buyers are feeling tired. The market is still very fierce, but not at the same level as earlier this year,” Miller said. “This does not mean that the next step is on a downward trend, it just suggests that the slope is not as steep as it used to be.”
Graph, a Los Angeles broker, agrees.
“There was talk in every corner of the bubble, but I would like to emphasize that it is not true. It comes down to supply and demand,” he said.
He dismisses another idea: the decline recorded in May will continue until summer.
“The market is still very hot,” he said. “This may be a slight chill, as buyers and sellers take a breather all at once, but there are no signs that this will soon fade.”
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California Real Estate: Median Home Prices Hold Steady Source link California Real Estate: Median Home Prices Hold Steady
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