LOS ANGELES (CBSLA) – The Southern California housing market was booming this summer, and now experts said it is cooling off in the fall. Some new homeowners have been luckier than others while still trying to navigate the pandemic.
Composer Joep Spork just bought a two-bedroom home in Altadena.READ MORE: Drenching Rain Forces Alisal Fire Burn Area Residents In Santa Barbara County To Evacuate
“You really have to set your standards every couple months because prices differ so much,” said Spork.
The summer housing boom in Southern California put the median home price at $680,000 in August.READ MORE: 'Supercharge' Storm Bringing Heavy Rainfall To Southland
Realtor Jennifer Eckert said once people got vaccinated they wanted to get out and travel due to buyer fatigue after things had been so competitive for so long.
“It’s transitioning more to a bit of a normalized market so maybe where there were 10 to 12 offers or more maybe you got two to five, still great, you still have strong buyers, it’s just not as frenetic,” said Eckert.MORE NEWS: 100-Foot-Tall Christmas Tree Arrives At The Grove
Eckert added she expects the market to pick back up towards the end of the year based on offers she has seen personally.