Home Sales Pick Up Pace in September

pending-home-sales-riseLed by gains in Los Angeles County, sales in the six-county Southland grew 1.2% in September compared with the same month last year, according to CoreLogic DataQuick, while price gains continued to moderate.

It’s the latest sign of a housing market that’s reaching equilibrium after years of big swings. Real estate agents and other market watchers this summer have reported growing inventory, price cuts and a shift in the market toward so-called “regular” buyers, instead of the flood of investors and cash-only purchasers who drove up prices last year.

Economists have said that higher prices and strict lending guidelines have dampened home sales this year, but predict sales could rise if incomes start to improve.

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