Home prices in Los Angeles, Orange, and San Diego counties in California fell in March 2019, the first annual decline for LA and San Diego counties since 2012, and the third for Orange County since December 2018.
Home sales decreased in all of the Golden State's major metros, with a 12 percent annual drop in the LA metro, according to the California Association of Realtors' latest housing report. Senior CAR economist Jordan Levine tells National Mortgage News that lower mortgage rates might boost demand this spring, "It's tough out there, but there's no reason (for sellers or their agents) to panic." Levine says that March's price softening are likely due to ongoing affordability pressures keeping buyers out of the market.
"As a seller, you have a lot more competition for your unit than a year ago or even two years ago," Levine said. With more homes to choose from, buyers are taking their time.
One sign of wariness emerged from CAR's monthly survey of more than 400 homebuyers. Just 22 percent said during the first week in April now is a good time to buy a home, down from 27 percent six months earlier, Levine said.
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