October 9, 2006 1:30 AM
Some California Markets Start To Cool Off
The article still leaves a positive tone, but how long will it last?
From LA Times:
The short answer is that home-price appreciation has slowed to single-digit levels in most Los Angeles County neighborhoods, homes are worth less than they were last summer in a few communities and values are falling faster than most experts anticipated.
...
The 12 areas where the median price per square foot showed the steepest decline this summer, compared with June, July and August a year ago, were led by Eagle Rock, which slipped 6.7% from $488.22 per square foot to $455.63, according to DataQuick figures for ZIP Codes with 50 or more home sales during the three-month period. Next was the 90808 Plaza section of Long Beach, which saw a 3.9% drop to $439, and Valencia's 91355 ZIP Code, which fell 3% to $336.
Prices per square foot in San Gabriel's 91775, La Crescenta and Cerritos dropped 2.5%, 2.1% and 1.8%, respectively. Declines in Pacific Palisades, Agoura Hills, Palos Verdes Peninsula's 90274, Westchester, Rowland Heights and Long Beach's 90815 Los Altos community ranged from 0.5% to 1.6%.
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