"Paul Habibi, a professor at the UCLA Ziman Center for Real Estate, agreed. "We have had a dramatic run-up in pricing in L.A. since the recession," he said, noting that in many in-demand areas, there were double-digit price increases for several years. "But it’s hard to continue that frenetic pace for an extended period of time."
The changes L.A. is experiencing today mean a return to a more sustainable and measured growth, he said. And because other economic factors, like the job market and stock market, remain strong, "there is no reason for purchasers to suspend their home-buying activity," he continued.
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