10/15/2004

More Info on Market Cooling

(October 14, 2004) -- With real estate sales sliding 7.8 percent last month in Los Angeles County from a 15-year high in September 2003, prices appear to be flattening out.

The median price of a home in the county held at about $407,000 for its third consecutive month, signaling to real estate and economic experts that the sizzling Los Angeles property market finally may be returning to more normal levels.

Still, John Karevoll of DataQuick Information Systems, which complied the statistics, warns that with appreciation still over 20 percent, no 'significant' price drops have emerged. He does, however, expect home-price growth to fall back into the mid-teens by year's end.

Source: Los Angeles Times (10/13/04); Haddad, Annette"

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