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Bubble Deflating? Home Sales Flat

November home sales in the Southland rose a blip (0.06%) from a year ago, according to an article in the LA Times.

Sales of new and resale homes totaled 27,637, down 3% from October, but up 0.6% from the year-ago month. A sales decline from October to November is normal for the season, DataQuick said.

The latest data provides more evidence that the area's 5-year-old housing boom, while no longer white-hot like a year or two ago, has settled into a more moderate pace. While homes are staying on the market longer — with sellers in some cases cutting asking prices — there is enough pent-up demand in the market to keep prices from rolling over, analysts said.

Additionally, the median home price has increased 15.4% from a year ago to a new record high of $479,000. It's also an increase of 1.3% from last month. If this is the bubble burst, it was hardly a bubble to begin with.
· SoCal Home Sales Flat, Though Prices Rise [LA Times]