December 3, 2013
Southern California home buyers have pulled back, purchasing fewer single-family homes in October as they struggled to afford houses that have jumped in price this year.
They didn't, however, lose their appetite for condos.
Changing cultural attitudes and skyrocketing home prices have boosted demand for condominiums this year, experts say. For many, condos are the only affordable path to homeownership in urban areas near jobs, cafes and boutiques.
"People who a year ago could afford houses can't," said Richard Green, director of USC's Lusk Center for Real Estate. "But they can afford condos."