June 28, 2025 #1 Local News, Information and Event Source for the Century City/Westwood areas.

Southern California, global luxury home price gains slowing

Bess Hochman is a top Westside real estate broker of more than 20  years.
Bess Hochman is a top Westside real estate broker of more than 20 years.

Price increases for October Southern California residential sales have dropped from double digit year-over-year gains to only single digit gains for the past five months.

The latest reports show a 6.8 percent year-on-year gain in the median Southern California home sale price.

However prices are still almost 20 percent below the peak $505,000 median sales price achieved in the Spring/Summer of 2007.

The median price paid for all new and resale homes and condos sold in October in Southern California actually slipped down a little over one-half percent from the preceding month.

This sales decline from September was not unusual. On average, Southern California sales have fallen 0.3 percent between September and October according to Dataquick services since this reporting data became available.

Traditional buyers are still not jumping into the market to make up the void left by the dramatic exit of investor and “all-cash” buyers that began about the Spring of last year.

Many prospective buyers are still struggling with affordability issues and a still stringent mortgage market. Most buyers are feeling that the market has gotten too pricey, too fast, and out of reach financially.

In the global market, luxury prices (defined as the top 5 percent in each city included in the survey) rose just 0.2 percent over the July to September period.

Political and economic key events are considered to have contributed to the minimal rise in prices including cooling measures in certain Asian cities and negative economic indicators in Europe.

Bucking the downtrend globally were Tokyo, Capetown, and San Francisco with prices rising 9.2 percent, 6.3 percent, and 4.5 percent respectively.

While the global luxury real estate market has slowed, the luxury Westside L.A. market which draws from the entertainment industry crowd and the San Francisco market has been showing resilience, bucking the trend.

The expectation by industry analysts generally is not for lower prices, just gains that are more moderate. The 12-month year over year price gain of about 28 percent that was seen last year in 2013 made buyers nervous that prices had gone up too quickly. Now buyers are more cautious.

The well-respected UCLA Anderson School of Business forecast explains, “The California economy is moving forward in an expansion from the depths of the Great Recession. But, even though the number of jobs is now higher than any time in the past, the state remains below its potential in output and employment.” The report goes to note, “how painfully plodding this recovery process has been.”

Southland home sales sold at the slowest pace for the month of October in three years as sales to investors and cash buyers continued to run well below October 2013 sales. However, the Anderson School of Business expects prices to continue to rise in response to new household formation.

For a free courtesy consultation, contact Bess Hochman, a top Westside Real Estate Broker for more than 20 years. Bess is also distinguished by holding a law degree. This article expresses the opinion of the author. You are advised to consult attorneys and others experts specializing in the issues referenced in this article. Contact Bess by phone at 310.291.4111 or email Bess.CenturyCityNews@yahoo.com.

“Bess is a master negotiator!” says Michael Donaldson, attorney and author of “Negotiating For Dummies.”

Related Posts

Iranian Pastor in West L.A. Speaks as Church Rocked by Immigration Raids 

June 28, 2025

June 28, 2025

Five Detained as Fear Spreads Through Persian Christian Faith Community  Fear has spread through a West Los Angeles congregation after...

Overdose Deaths Drop 22% in Los Angeles County, Marking Largest Decline on Record

June 28, 2025

June 28, 2025

Fentanyl Fatalities Fell 37% as County Ramps up Funding for Prevention, Treatment Drug overdose deaths in Los Angeles County declined...

Cinespia Brings Fireworks and Fan Favorites to Hollywood Forever This July

June 27, 2025

June 27, 2025

Watch Top Gun, La La Land, and More Under the Stars at Hollywood Forever Cinespia, Los Angeles’ iconic outdoor movie...

California Doubles Down on Hollywood: $750M in Tax Credits Approved for Film and TV Industry

June 27, 2025

June 27, 2025

State Lawmakers Back Major Expansion of Production Incentives, Raising Job Projections Los Angeles’ film and television industry is poised to...

Robbery Suspects Captured in Beverly Hills After License Plate Alert Triggers Pursuit

June 27, 2025

June 27, 2025

Foot Chase Ends in Arrests After ALPR Flags Robbery Vehicle in Beverly Hills An alert from the Beverly Hills Police...

EEEEEATSCON Los Angeles Returns with Star Chefs, Firefighter Tribute, and Wildfire Relief Efforts

June 27, 2025

June 27, 2025

Culinary Festival Features Exclusive Restaurant Collabs, Support for Small Businesses  EEEEEATSCON Los Angeles, the celebrated food festival curated by The...

Supporters to Gather This Weekend for Longtime Culver City Paleta Seller Held in Detention

June 27, 2025

June 27, 2025

Family and Neighbors Will Gather Sunday to Sell Paletas and Raise Funds Supporters will gather this Sunday at Veterans Park...

Suspect Charged by Los Angeles DA with Shooting of Santa Monica Cop and Teens

June 27, 2025

June 27, 2025

Faces Attempted Murder Charges and Over 100 Years to Life in Prison if Convicted. Criminal charges have been filed against...

Café UCLA Pops Up in Westwood to Honor Arthur Ashe’s Historic Wimbledon Win

June 27, 2025

June 27, 2025

Three-Day Celebration Includes Giveaways in Tribute to the Iconic Athlete and Activist UCLA will commemorate the 50th anniversary of Arthur...

Captain America Hits the Skirball Big Screen for Heroic Outdoor Movie Night

June 27, 2025

June 27, 2025

Museum-Goers Can Also Catch a Superhero-Themed Drawing Session The Skirball Cultural Center will host an outdoor screening of Captain America:...

Demolition Underway at Beverly Grove Squatter Site After Mystery Fire Renews Safety Fears

June 27, 2025

June 27, 2025

Crews Begin Tearing Down Long-Vacant Apartments on First and Flores  Demolition has begun at a group of long-abandoned apartment buildings...

(Video) Welcome to the Urban Jungle — where nature meets the city and style meets soul

June 26, 2025

June 26, 2025

Whether you’re chasing that gritty city energy or carving out a green oasis in your space, we’re here to help...

Santa Monica Police Arrest Shooting Suspect After Officer Ambushed Near Downtown Mall

June 26, 2025

June 26, 2025

Man Linked to Waymo Vehicle Gunfire Taken Into Custody Following Tense Manhunt The suspect wanted in connection with a shooting...

Brentwood Weekend Specials: $9 Wine & Street Tacos, Blush-Inspired Lattes & Beauty Swag

June 26, 2025

June 26, 2025

Street Tacos and Wine Meets Self-Care in Brentwood and Santa Monica Brentwood Fine Wines will welcome back local culinary favorite...

Michelin Stars Shine Bright on LA: Somni West Hollywood and Providence Earn Top Honors

June 26, 2025

June 26, 2025

Two Restaurants in Los Angeles Receive Three Stars as Michelin Guide Celebrates Bold Flavors The MICHELIN Guide California 2025 celebrated...