Podcast - 096: Los Angeles real estate market update | Recap through September 2022

In this episode, realtor Anthony Luevanos and lender Angel Luevanos cover the Los Angeles County real estate market through September 2022.

The Los Angeles County real estate market is heading towards a balanced market.

The median sales price increased from $840,000 in August to $845,000 in September. The median sales price in the last 12 months is up $25,000 and 3%.

However, the median price per square foot decreased to $570. Since last August, the median price per square foot jumped $20 and 3.6%.

The number of homes for sale has increased slightly but is still down 5.4% since last year.

Inventory months supply increased to 2.6 months. For your information, 5-6 months is a balanced market, and 6+ is a buyers market.

Median days on the market increased to 21 days, up significantly from our year low of nine days.

Prices increased slightly, but all other indications demonstrate that we are heading into a balanced market. Rising interest rates have suppressed buyer demand leading to homes sitting longer and price reductions. Sellers helping buyers with closing costs, and interest rate buydowns are becoming increasingly popular.

*percentages are comparisons year-over-year 

For more details and charts, click: https://theluevanosgroup.com/market-trends