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The number of homes for sale in Southern California has fallen to start the year, a reversal of normal trends as high mortgage rates keep sellers on the sidelines.
Katy Perry just unloaded a house for $18 million — the same price she paid for it in 2017.
In a significant shift in the market, fewer homes are going into escrow, inventory is rising and sellers are increasingly cutting their asking prices.
Southern California home prices hit a record high in December, the 10th record in 2021. Analysts see the housing market cooling slightly this year.
Print The four-bedroom house in North Tustin went on the market on a Thursday. On Saturday, Vik and Sarah Szemerei were inside, checking out the midcentury living room and debating how they could remodel the kitchen at the $1.1-million listing. If they wanted to act, they didn’t have much time; offers were due Tuesday. California’s housing market has been tight for years. But these are no regular times. Instead of the traditional open house where dozens of people flow in at their leisure and can stay for hours, pandemic rules limit showings to one group at a time.