Southern California home prices barely rose in February from a year earlier, as buyers continue to struggle with the high cost of housing, according to a report out Wednesday.
The six-county region’s median price — the point where half the homes sold for more and half for less — increased just 1.2% to $512,500 last month, real estate firm CoreLogic said. Sales plunged nearly 12%.out of reach for many families. A recent drop in mortgage rates is bringing people back into the market, agents and mortgage brokers said, though demand is still subdued compared with recent years.
Sales have now fallen for seven straight months, swelling inventory and forcing sellers to trim their asking prices. On Tuesday, further evidence of the slowdown emerged when the S&P CoreLogic Case-Shiller index was released. It provides a delayed look at home prices, but is considered more accurate because it takes into account changes in the types and sizes of homes sold.
, and compared with last decade, home building is subdued and lending standards are tighter — two facts experts say decreases the likelihood that a bubble has formed.February’s data tally deals that closed escrow, reflecting home shopping and signed deals that occurred during the partial government shutdown in January and late December — an event that real estate agents noticed sapped buyer confidence.
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