the majority of Los Angeles communities, median home prices increased again in
July with the overall increase averaging about 4 percent compared to last year.
Some communities in Mid City, Los Angeles saw even stronger increases in median
home prices as sales of higher-priced homes picked up again. In contrast, some
of the more affordable Los Angeles communities saw relatively lower price
growth as affordability constrains many would-be buyers.
number of homes sold in Los Angeles communities continued to show some
improvement from the winter lull, though some areas on the East Side and in the
North San Fernando Valley saw relatively stronger slowdown in sales. West Side communities generally recovered from
the slow spring.
strongest gain in sales was among homes priced between $1 million and $2
million, with generally most communities seeing the growth. Lower priced sales
are again facing lack of available inventory after a period of more
availability earlier this summer. Sales of homes priced above $2 million also
bounced back from a hesitant start to the year and are generally trending in
line with last year’s numbers.
pace of sales continued to improve, and homes generally sold in 30 days, which
is only five days slower than last year’s 25 day median. Nevertheless, East Side
and communities northeast of Downtown Los Angeles saw a relatively larger
increase in days on market compared to last year. East San Fernando Valley saw
swifter sales than last year, as did Malibu which continues to recover from the
Buyers are being encouraged by lower mortgage rates, though that’s not their main concern at the moment. It seems that buyers are relatively more constrained than last year, but their optimism has improved from earlier this year. Buyers signed a solid number of contracts in July, suggesting August will be another solid month for Los Angeles housing market activity.