Last year was Southern California’s slowest in 14 years, with home sales at their fourth-lowest level in records dating back to 1988.
SoCal homebuying Dec. 2022
Last month’s median was up a mere 0.7% from the year before, following a 20-month bout of 10%-20% annual gains that lasted through last June. “A year ago, you had to jump on a house the moment it came on the market,” said Phil Schaefer, an agent with Seven Gables Real Estate in Tustin. “Now can think about it for two or three weeks.”Slowing sales and falling prices may be good news for homebuyers hunting for bargains. But it’s bad news for real estate providers like brokers, lenders and termite inspectors.
It took five months and a $40,000 price cut to find a buyer. He had to shell out an additional $30,000 for repairs and buyer’s closing costs. Taking into account his expenses, he made less than $10,000 on the deal, if that. “They were in a buying frenzy, so they were doing things that weren’t logical,” said Marilyn Wilson, WAV founding partner.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Halloween is a year-long celebration for Southern California conventionsWith large-scale events in the area like Creep I.E. Con, Midsummer Scream and Monsterpalooza, the horror-business is rapidly expanding.
Read more »
Fountain Valley’s Ryland Whitworth voted Southern California Boys Athlete of the WeekSaiki received the most votes for SCNG’s Southern California Boys Athlete of the Week award.
Read more »
VOTE: Southern California Boys Athlete of the Week, January 27Voting is now open for Southern California Boys Athlete of the Week! polls close Thursday at midnight.
Read more »
VOTE: Southern California Girls Athlete of the Week, January 27Voting is now open for Southern California Girls Athlete of the Week! polls close Thursday at midnight.
Read more »
A 4.2 magnitude earthquake strikes off Malibu coast, with aftershocks shaking Southern California | CNNA 4.2 magnitude earthquake struck at around 2 a.m. PT Wednesday off the coast of California, about 10 miles south of Malibu Beach, the US Geological Survey said.
Read more »