Southland housing market may finally be getting back to normal!
The housing recovery looks to be losing steam. But that may not be a bad thing.
In the latest sign of a market that's plateauing well below its past highs, home prices in Southern California grew at their slowest pace in two years in June, capping a spring selling season that never quite took off.
The median price of a home sold in the six-county Southland hit $415,000, according to real estate service DataQuick. That number is the biggest in four years, but 18% below the market's high point in mid-2007.
And the furious gains seen this time last year are a thing of the past. In the last 12 months, home prices climbed 7.8%, barely one-fourth their pace in the prior year.
But if the market's highflying days are over, housing in Southern California appears to be entering a healthier phase of growth, real estate agents and economists say.