For the first time in nine months, Los Angeles home sales were not higher than they were the year before, reports CNBC.
In October, Home sales fell 0.4% compared to October 2014, according to CoreLogic, after September posted its highest sales pace in six years a month earlier.
"Southern California home sales lost steam in October, dipping more than usual from September," said Andrew LePage, research analyst with CoreLogic.
for the dip, CNBC explains, is rising home prices. The median Los Angeles home price rose 5.8 percent from a year ago to
$490,000. While higher mortgage rates are hitting housing now, these October
sales are based on contracts signed in August and September, when rates were
lower. It may be that strong sales in the first half of this year pulled demand
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