More Glendale and Burbank homes are for sale this year as the well of potential buyers continues to dry up.
In August, 332 Glendale homes were on the market, 43% more than in same period last year. In Burbank, 246 homes were on the market, 69% more than last year, according to report compiled by Keller William real estate agent Keith Sorem.
"Not only do we have more inventory, it is taking longer to sell homes," Sorem said.
Real estate professionals say prices will continue to soften, especially in wealthier communities. High unemployment, economic uncertainty lingers and strict borrowing rules haven't helped matters, experts said.
"We don't have a ton of market stability because the economic fundamentals are still weak -— namely the labor market," said Paul Habibi, a real estate professor at the UCLA Anderson School of Management. "Some of the better communities are showing more signs of weakness than other areas."