Real Estate Journal - "Open-House Blog: Buyers Gain Advantage In the Housing Market" (5-23-06)

"Single-digit appreciation in California In April, the median price for a home in California rose 9% from the same period a year before, says the Los Angeles Times. It marked the first time in more than four years that housing prices rose less than 10%, a sign that the real-estate boom there is ending, the paper says. Both buyers and sellers are jockeying to gain control of a transitioning market. "Sellers are trying to get top dollar and are not realizing the market has changed," the Los Angeles Times quotes a local real-estate professional as saying. Buyers are sluggish, the article says, resulting in longer selling times and prices that are leveling off. Some buyers are responding by cutting their asking prices, with approximately a third of the homes on the market having their prices reduced at least once, the paper says. The number of sales fell 21.3% in April from the year before, the article says. However, despite the market slowdown, the region could escape any major price declines, economists say."

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