Housing market tracker
But the median price -- or price at the midpoint of all sales -- hovered at
Last month's median home price was the third highest for a January in records dating back to 1988, DataQuick figures show.
"We have slowed down a little in the number of sales we're seeing, (but) not necessarily in prices," said
"Last year, the market was unbelievable," added
Regionwide, median home prices increased 18.4 percent last month, to
"Southland home sales have fallen on a year-over-year basis for four consecutive months now and remain well below average," said DataQuick President
Although home prices remain 15 percent below the all-time high of
January tends to be the slowest month of the year, reflecting deals signed during the slow
That compares with 3,276 homes for sale the same time last year -- an inventory shortage that created "a flash market" in the first six months of 2013, said
"It was a false market set up for success," Mackenzie said. "It's now a whole new ballgame. ... We're seeing a solid market, but nowhere near where it was last year."
Price reductions began to appear in late summer, Mackenzie said, and homes priced overzealously have sat on the market without a buyer. For example, Mackenzie said he sold a home in
A change in the mix of home sales has kept the median price artificially high, said
DataQuick figures show, for example, that sales for
"The cheap seats are all taken," Pollinger said. "We're seeing a little bit more action at the high end. That's why your prices are up a bit more."
Sales drops also reflect decreased demand for existing homes, while new home sales have doubled in the past year.
"We need to educate our sellers who they are competing with," she said. "They're not just competing with the neighbor down the street. Now is the time to spruce up."
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