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Housing price cuts point to a shift in Southland market
Housing price cuts point to a shift in Southland market

The latest sign that buyers are gaining leverage in Southern California's housing market: Price cuts are back. The number of homes with reduced asking prices has risen sharply in recent months, a reversal from last year's sellers' market, when list prices seemed more like a floor than a ceiling. In Orange County, the region's priciest market, about one-third of sellers have been forced to cut prices, according to data from real estate firm Redfin. Across the Southland, prices have hit a plateau this summer, with sales volume slumping as buyers got pickier. These trends have been building all year. But home sellers -- often the last to see market shifts -- are...

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