Zooming in on Los Angeles County, the median sold price (SFH) in July 2023 was $851,540. This indicates a 2.3% increase from the previous month and a moderate 0.6% increase compared to July 2022. The sales picture, however, showed more significant changes, with a month-to-month decrease of 23.7% and a substantial year-over-year drop of 16.2% in sales compared to July 2022.
While prices remained relatively steady or increased, the sales activity in Los Angeles County demonstrated more significant changes. The considerable year-over-year decline in sales suggests shifts in buyer behavior, economic factors, or other variables influencing the decision-making process.
As we observe increases in median sold prices, it's clear that the market retains its attractiveness and competitiveness.
While sales activity has witnessed fluctuations, the overall market health remains intact, and the real estate landscape in Los Angeles continues to be a dynamic and ever-evolving one. Whether you're a potential homebuyer, seller, or investor, understanding these trends and consulting with real estate professionals can help you make informed decisions in this vibrant housing market.
Source: realtor.com / MLS / Zumper
Don’t lose sight of just how active the market still is today. If your house isn’t on the market, it’s not getting in front of all those buyers who are looking to make a purchase right now.
Would love to assist you with any of your real estate needs.
As challenges loom, L.A. City Council approves $150 million in 'mansion tax' spending
L.A. City Council has approved a $150-million spending plan for funds raised by Measure ULA, putting money toward rental assistance, tenant protection and other housing crisis initiatives.
