Podcast - 087: Los Angeles real estate market update | Recap through July 2022

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

Home prices dropped big. Homebuyers now have some leverage!

The median sales price declined from $895,000 in June to $862,000 in July. The median sales price in the last 12 months is up $37,000 and 4.5%.

The median price per square foot also decreased to $581. Since last July, the median price per square foot jumped $44 and 8%.

The number of homes for sale has increased but is still down 6.4% since last year.

Inventory months supply increased to 2.5 months. For your information, 5-6 months is a balanced market, and 6+ is a buyers market.

Median days on the market increased to 13 days, four days more than our lowest on record.

We took our most significant stride yet into a balanced market. Increasing interest rates have suppressed our buyer demand. Buyers now have the leverage to ask for better terms. We are still in a seller’s market, but sellers and buyers shall work together to make it a win-win.