Southland Housing Market Cools Off

[Zorro]

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Data show that the pace of sales declined and the rate of price increases slowed in October.

Southern California's housing market continued to lose steam last month as the pace of sales declined and the rate of price appreciation leveled off, data released Tuesday showed.

Rising inventories, higher interest rates and growing buyer wariness are working to temper the region's hot real estate market, experts said.

"There is a bit of a slowdown," said real estate agent Jon Strum, who sells homes on the Westside of Los Angeles for Boardwalk Realty. "There is more caution among buyers."

The median price paid for a house in the six-county region was $473,000 last month, up 15.4% from a year earlier, according to DataQuick Information Systems, a La Jolla-based real estate research firm.

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More at: http://www.latimes.com/business/la-fi-homes16nov16,0,6398349.story?coll=la-tot-promo&track=morenews

The real estate situation will be interesting to watch over the next 6 months.