SoCal Home Sales Reach 11-Year Low

LOS ANGELES (CBSLA) — The red hot Southern California real-estate market appears to have finally cooled off.

New numbers show sales in December were the lowest in 11 years. And the days of constantly rising prices may be over for now.

Jordin Quintero is getting a sense of both sides of the market. She's flipping her condo she owns with her husband and buying a new one.

"Sellers are more willing to negotiate and meet on the middle ground," she said.

Quintero is not wrong. New stats show L.A.-area real estate is looking more like a buyer's market. According to new numbers released from Corelogic, home sales were the lowest for a December in 11 years. Median sale prices were up only 1.1 percent — the lowest annual gain in seven years.

Lucas Junkin is a realtor with The Collective in West Hollywood. Like other experts, Junkin says interest rate fluctuations have impacted the market, along with high prices, and are keeping some folks on the sidelines.

"For the buyers, I just think it's a good time," he said.

The median home price in 2018 for a home in Southern California was $515,000.