Housing price cuts point to a shift in Southland market
The latest sign that buyers are gaining leverage in Southern California's housing market: Price cuts are back.
The number of homes with reduced asking prices has risen sharply in recent months ... In Orange County, the region's priciest market, about one-third of sellers have been forced to cut prices, according to data from real estate firm Redfin. ...
These trends have been building all year. But home sellers -- often the last to see market shifts -- are finally getting the message, said Paul Reid, a Redfin agent in Temecula.
"A lot of what we've seen over the last six or eight weeks is people lowering their prices to get buyers in the door," Reid said.
