patrick.net

Flyers in mailboxes from local realtors says they are able to close by accepting offers of $250 to $800k more than asking price every week. I suspect either market is still booming upside with stock options and/or realtor are asking lower than market price to attract customers. No sale signs are seen around, they are very rare.

Strategist says

I notice a slowdown in the zip codes I follow in So Cal too. It's anecdotal, but I have been noticing that for the last 2 months. July housing data may be worse than June, but median prices will be higher.

This. Housing prices will never go down again.

The top of the bubble maybe has become a plateau for a while at least.

My friend sells in Santa Cruz County and puts stuff on Facebook (free advertising).

I saw one for quite a while on there, and she has added verbiage extolling its virtues as a "good investment" "rental property" and other absurd nonsense.

Doing the math one would make 4% of so if one paid $1/2 million cash for the tiny place. She can't do the math or isn't interested.

I get a chuckle out of the stuff she and other sales hucksters say: houses are "homes" and they're all either "good investments" or "good homes".

With the new tax laws in California, houses are a lousy investment today because you will get screwed if you later want to sell it for a capital gain.