(One more observation as I quickly finish lunch… yes, I was in a 12pm to 2pm telecon)
The Los Angeles Times is reporting that Southern California home prices rose last month at their lowest rate in nearly four years while the pace of appreciation for all of 2005 slowed for the first time since 1999. Specifically, the median home price in December is 13% higher than a year earlier, at $479,000. Many homes are taking longer to sell, with the average duration on the market about three months compared with one month a year ago. According to the Daily News, next year appreciation could be in the 5% to 7% range.
What do I think, having just bought a really expensive house? As long as they rise, I’m happy. If things are selling slower, that’s less of an issue, as I don’t plan on selling. But please, not another 1990.
