Housing market takes on split-levels; Phoenix agent comments

Housing market

Housing market Lower-priced homes sell quickly while inventory on the higher end piles up

By Joe Light | The Wall Street Journal

A two-bedroom house in Los Angeles listed for $585,000 received 10 offers in the first week it hit the market, with the winner agreeing to pay $640,000.

Meanwhile, a four-bedroom house a few miles away, priced at $3 million, sat on the market for more than a month with no offers before selling for $2.75 million in January.

The divide in Los Angeles is typical of what is happening across the country. Housing has become a tale of two markets, brokers and economists said, with lower-priced homes selling quickly even as inventory of expensive ones piles up.

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