Podcast - 092: Los Angeles real estate market update | Recap through August 2022

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

The Los Angeles County housing market continues its downward slip.

The median sales price declined from $862,000 in July to $840,000 in August. The median sales price in the last 12 months is up $20,000 and 1.6%.

The median price per square foot also decreased to $583. Since last August, the median price per square foot jumped $34 and 6.2%.

The number of homes for sale has increased but is still down 6.1% 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 16 days, seven days more than our fastest on record.

This is the fourth consecutive month that sales prices dropped. Increasing 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