Here’s what you need to know about LA’s recent home sale numbers.
Today, I want to briefly update you on home sales in Southern California. They dropped a whopping 47% last year, which was a 14-year low rate. However, home prices stayed relatively flat, with the median price falling only 1%. After a decade-long climb in home prices, this significant drop in sales was mainly due to rising mortgage rates.
Home sales fell to a 14-year low of 211,000 in 2022, compared to an average of 277,000 a year ago. Only three of the past 35 years had fewer home sales. Last month, sales fell to 12,751 transactions, down 46% year over year. It now takes three times longer to sell a Southern California home than a year ago.
However, with prices holding steady, we are still optimistic about the real estate market and owning real estate as a long-term investment. If you’d like to learn more about our market, just give me a call or send me an email. I’d love to hear from you.
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