Condos are always the hottest price point in Southern California where prices are well above the national average. Although the number of units sold this May was down 11.7% from the number of units sold last May, prices are up. It may seem like prices are going down but that could be because in May of 2005, prices were rising at an annual rate of 24.9 percent. We are now seeing an increase of less than half that number.Los Angeles County's median price in May was $509,000 for an annual increase of 10.9 percent. This is for both condos and single family residences. Orange County saw median home prices rise 7.6 percent.
Listings are staying on the market longer giving buyers a chance to take their time to shop and find just the right place for them. Many real estate agents are saying they expect the cooling off to last through the end of the year and the market to start an upward trend after that although rising interest rates will keep the market from reaching the extreme growth stage we saw last year.
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