October 26, 2016
The Southern California real estate market took a breather in September, with sales dipping slightly as the market entered a typically slower season amid price gains that have made homes less affordable.
Real estate firm CoreLogic said Wednesday that sales in the six-county region fell nearly 1% last month compared with a year earlier.
The region’s median price also fell 1% to $460,000 from August but is still up 5.7% from a year earlier — and close to the nine-year high of $465,000 recorded in June.
The sales and price slips could signal a flattening market after years of strong price appreciation, or it could be typical fluctuations in the data.
It is not unusual for the median sale price — the point at which half the homes sold for more and half for less — to move up and down slightly from month to month.
CoreLogic analyst Andrew LePage said that in particular the median often dips from August to September as the market enters the slower fall season.
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