Note: This story was originally posted by Norada Real Estate Investments on January 9, 2023.
Are Housing Prices Going Down in Los Angeles?
We’ll discuss the recent trends in the Los Angeles housing market. The market dynamics are changing now. After a two-year housing boom spurred in large part by record-low borrowing costs, the Los Angeles real estate market is now cooling down. There has been a decrease in house purchases and an increase in the number of homes for sale. Bidding wars have become less prevalent as a result of fewer buyers and more inventory, so buyers may have an easier time bidding around the asking price.
The median price in Los Angeles County peaked in September 2021 and has been on an up-and-down roller coaster since. It fell in July 2022, which was disappointing because it typically climbs from June to July; it even rose from June to July in 2009, when all hell had broken loose, putting this drop in a unique perspective. In November 2022, the median home price dropped 1.3% from the previous year and 2.1% from the previous month.
- Los Angeles County’s median home price in November 2022 was $836,630.
- The median home price in October 2022 was $854,560.
- Last year, in November, the median home price was $847,790.
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