San Diego, once the hottest real estate market in California, is seeing signs of a slowdown. Owners who have been successful flipping are now seeing their properties sit and prices reducing.
SAN DIEGO/SAN FRANCISCO (Reuters) - On a rolling San Diego street, where home prices have doubled in three years, real estate agent Shawn Ommid kept a quiet vigil, chocolate chip cookies at the ready, waiting for buyers.
By Sunday afternoon, the cookies remained plentiful and prospects were scarce, with few turning up to tour a two-story tract house in a neighborhood known for its striking canyon views and equally stunning home prices of around $800,000.
"It's a shame because it's better to be a buyer now," said Ommid, citing a rise in San Diego home listings.
It is a scene that is playing out across some of the hottest property markets from California to Florida.
Inventories of unsold homes are rising, buyers are turning cautious, and, in some cases, prices are slipping after a period of explosive gains, analysts and real estate agents said.
Read further: Signs of a slowdown emerge in US housing market via Reuters
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