After much debate and discussion, it looks like the real estate market is slowing down. According to CoreLogic’s Home Price Index report for August, home appreciation during the month was the slowest in two years.
“The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home,” stated Dr. Frank Nothaft, chief economist for CoreLogic. Dr. Nothaft also said that CoreLogic expects appreciation to slow further in the coming year.
Locally, we’ve seen plenty of price appreciation, but the real story is the decline in the number of sold properties, down across the board with the exception of Brentwood, (up a mere 1.05%) and Malibu Beach, (up 31.25%.)
Of particular note, Santa Monica’s median sale price year-to-date is up 16.83% from last year and up 26.5% in September 2018 vs. September 2017.
MRMLS single-family residence average sales in Pacific Palisades, Brentwood, Santa Monica, Malibu, Malibu Beach, and Venice. Information is deemed accurate but not guaranteed.
Photography by Paul Jonason