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It's Hot, It's Cold. Let's Call it Lukewarm

Inventories are going up and prices are levelling off. We're officially in slow down mode, though no one's calling it a bubble burst. (Damn! We like proverbial bubble bursts.) The median home price of $473,000 for the six county metro area climbed 15.4% from a year ago for the month of October, but dropped from a high of $476,000 in August. The number of homes exchanging hands also levelled off. Is it just a Fall slow down, or is the housing market finally coming back to reality?
· Southland Housing Market Cools Off [LA Times]