Southern California home prices flat in October

Southern California home prices held steady in October as the market muddled through a typically slow season.

The median price in the six-county Southland region was $435,000 last month, the same as September, data firm CoreLogic said Wednesday. Compared with a year earlier, prices were up 5.6%.

The price hasn’t risen since June, a reflection of seasonal trends and the difficulty sellers face in attracting ever higher bids absent strong wage growth.

Demand also tapers off in late summer and the fall, because most families want to move before their children start school.

Home sales fell 5.5% since September and were up just 1.3% compared to the same month a year earlier.

“After a relatively strong summer, Southern California home sales lost steam in October,” CoreLogic analyst Andrew LePage said.

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Most experts expect prices to keep rising in 2016, although at more subdued levels than in past years, because too many families are unable to afford today’s prices.

The California Assn. Of Realtors forecasts that the state’s median price will climb 3.2% next year, compared with 6.5% this year.

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