LAT: More Sellers of High-End Homes Find They Must Cut Asking Prices

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More Sellers of High-End Homes Find They Must Cut Asking Prices
The Southland trend is typical of an overall market starting to lose steam, experts say.

By Annette Haddad, Times Staff Writer


Frisca Hong put her Yorba Linda home on the market in August, certain it was worth every penny of her $797,000 asking price.

But after almost two months and no nibbles, Hong reluctantly dropped the price nearly $30,000. Still, her house remains unsold.

The frustration experienced by sellers like Hong reflects a cooling in the market for higher-priced homes in Los Angeles and Orange counties, according to recent price and sales data. Faced with reduced buyer demand and rising inventories of unsold properties, many sellers of homes worth more than $750,000 are dropping asking prices.

Many also are taking weeks before landing buyers.

The slowdown in pricier homes is typical of the latter stages of a housing boom, analysts say, as expensive properties were the first to rise sharply at the beginning of the current cycle.

It's also a leading indicator that the overall housing market is beginning to lose steam, as double-digit price increases become harder to sustain and mortgage rates rise....


http://www.latimes.com/business/la-fi-homes20oct20,0,1024374.story?track=hpmostemailedlink