What’s going on with the property market?
Posted November 18, 2019 08:29:17 A year ago, we reported on the recent collapse of the housing market in Los Angeles and the dramatic fall in sales, making it the most expensive area in the nation to buy a home.
The Los Angeles real estate market has been in a tailspin since the beginning of the year.
Since June, it has been down by as much as $200 million, according to a report by the California Association of Realtors, the largest professional association for home buyers.
That compares to the $1.8 billion the market in July, and less than half the $2.5 billion in July of last year.
It’s been a slow burn, and the Los Angeles region is still seeing the effects.
“It’s really a slowdown in the residential market,” said Jim Sifuentes, a real estate broker with Sifutec Realty Group in L.A. He said the number of homes for sale in LADOT’s region fell by 2.6 percent last month compared to the same month last year, but that sales still are strong.
According to the National Association of Home Builders, sales for new construction fell by 1.5 percent last year and were still up by about 20 percent from July.
“It’s not as if people aren’t buying.
It just doesn’t feel like it’s happening,” said Sifucentes.
This is an extremely challenging time for buyers.
We’ve seen a lot of changes in the real estate landscape.
People are buying fewer houses, and more are staying put.
But we still don’t know the long-term effects of all of this on the market, said John Kneider, vice president of research for real estate analytics company Trulia.
Even though sales are down, some experts say they don’t see a lot going on in the short term.
In the past, there was a rush to sell before the end of the month.
He noted that the market is still fairly weak. “
People aren’t going to rush out and sell right now, and people are going to stay put.”
He noted that the market is still fairly weak.
Some experts say that the slow pace of sales and the fact that it’s a big seller in the midst of a major downturn, could have an impact on the future.
It’s also possible that the current slump is just a fluke, said Eric Schiller, chief economist for RealEstate Solutions.
“That would be my view, but I wouldn’t be surprised to see it happen again,” he said.
As the housing bust and market collapse deepened, a number of large cities were hit hard, including Chicago, Las Vegas, New York, Philadelphia and Washington, D.C. According to a recent report from the Center for American Progress, the housing bubble that burst in 2008 and collapsed in 2010 was larger than the bust of 1929.
A slowdown in housing activity is likely to slow demand and increase price inflation, and will likely cause a recession if the economy remains weak.
While many people are still looking for a home, it seems like the price of homes is on the rise, which could make it difficult for some people to find one.
“I think it’s going to be tough for the market to stabilize,” said David Siegel, a broker with Kneiders Realty in Las Vegas.
“The market is just kind of in an endless cycle of price increases and decreases.”
What do you think?
Are you having a tough time buying a home?
Let us know in the comments below.