Price drops are becoming more common as some home shoppers take a pause from the bidding wars. But most homes still sell above their list price. “You are not seeing 20 offers on a property, you are maybe seeing four,” an agent said. “It’s still not easy.”
Southern California’s cutthroat housing market has cooled in recent months, with some home shoppers — tired of losing bidding wars — putting their search on hold. Price drops became more common.
In October, home prices in the six-county Southern California region rose 14% from a year earlier to a record-high median of $690,000, according to data from real estate firm DQNews. Sales declined 6.6%, the first drop since June 2020.California maintains its reign as the most expensive state in the U.S. for home buyers, with 89 of the nation’s 127 priciest ZIP Codes, a new study finds.
Many economists predict price increases will get smaller from here on out. People simply don’t earn enough to consistently pay so much more for housing, they argue, particularly as mortgage rates are expected to rise. Although price drops are more common now, most homes still sell above their list price, according to data from Redfin. And to be successful, many buyers still find they must waive contingencies that would let them back out of a deal if a house needs repairs, or if the appraisal comes in low.
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