Southern California home prices were essentially flat in August from the previous month, as the market cools slightly from its torrid pace earlier this year.
The six-county region’s median sales price — the point at which half the homes sold for more and half for less — was $680,000 last month, according to data released Monday by real estate firm DQNews. That’s a 0.1% slip from July.
Reflecting strong growth over the last year, the median was 13.9% above August 2020 levels. While sizable, that year-over-year gain was the smallest price rise since February.
Real estate agents say some home buyers have called it quits after engaging in bidding wars they never could win. And many analysts predicted home price gains would moderate soon, because incomes can’t support continued price appreciation at the 20% levels seen earlier this year.
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