Anecdotes from the front lines of the bidding wars aside, are we starting to see a little cooling down in the local real estate market? Well, maybe. On the pro side, we have Standard & Poors's just-released Case-Shiller home price index for May (pdf): While prices continue to go up in Los Angeles, they actually went up less quickly in May than they did in April--a 2.6 percent month-on-month increase versus 3.4 percent. But on the con side, rival research firm DataQuick showed a similar (if less dramatic) drop-off in May, and then things went totally bonkers in June. Case-Shiller updates lag a month behind, so we'll have to wait until August to see if it bounced back in June. Meanwhile, C-S shows that prices were still up 19.2 percent over last May.
· Home Prices Continue to Increase in May 2013 According to the S&P/Case-Shiller Home Price Indices (pdf) [Press Release]
· State o' The Market Archives [Curbed LA]