Southern Califonia home prices fell again in May following three months of price gains. But with so few homes on the market, competition among buyers remains high.
The house was a fixer, selling for $950,000 “as is.”
The West Torrance house is increasingly typical of Southern California’s overall housing market, with bidding wars and deals for more than the asking price becoming more commonplace this spring. Nevertheless, Southern California‘s housing market remains extremely competitive for those few buyers able to afford high prices and higher loan payments — despite inflation, high mortgage rates and threats of a recession.
“We’re hanging in there, but things are definitely down from last year,” said Dionne Veronin, an agent with Compass Real Estate who was minding a Huntington Beach open house last month. “I’ve lost several buyers pulled out of the market, just waiting for home prices to come down or for interest rates to come down. … Anyone who doesn’t have to buy is waiting in the wings.”
According to Redfin, the time it takes for homes to sell and the number of price drops have been falling steadily since the start of the year.
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