The housing market is sending an unusual warning from Southern California, where homes are selling at an even slower pace than during the 2008 financial crisis. Yet prices remain stubbornly high, leaving buyers unable to afford properties and sellers struggling to understand why their homes are not attracting offers.
Housing and real estate expert Michael Bordenaro says the region provides one of the clearest examples of a market that has become increasingly disconnected from what ordinary households can afford.
According to figures he presented, Southern California home sales are running 33% below their average since 2005 and 3% below the previous low recorded during the 2008 crisis…