According to the latest report from the California Association of Realtors, the statewide median home price in October 2023 stood at $840,360, reflecting a marginal decline of 0.4 percent from September. However, compared to October 2022, there was a notable increase of 5.3 percent in the median home price.
Los Angeles County Housing Metrics
Zooming in on Los Angeles County, a critical player in the California real estate scene, the median sold price of existing single-family homes in October 2023 was $893,650. This marked a decrease of 2.3 percent from the preceding month, where the median price was $914,640. Nonetheless, in a year-over-year comparison with October 2022, the median sold price exhibited a robust 4.6 percent growth.
Median Sold Price: $893,650
Month-to-Month Price Change: -2.3%
Year-over-Year Price Change: 4.6%
Sales Month-to-Month Change: 8.3%
Sales Year-over-Year Change: -5.8%
Insights into Sales Performance
The sales dynamics in Los Angeles County present an interesting picture. While the month-to-month change indicates a substantial 8.3 percent increase in sales, the year-over-year perspective shows a 5.8 percent decline. This suggests that despite the month-to-month surge, the housing market in Los Angeles County has faced challenges compared to the same period last year.
Southern California Real Estate Landscape
Expanding our view to Southern California as a whole, the median sold price of existing single-family homes in October 2023 was $820,000. Surprisingly, this figure remained unchanged from September, indicating stability in the short term. However, when contrasted with the same period in the previous year, there was a significant 6.5 percent increase in the median sold price.
Median Sold Price: $820,000
Month-to-Month Price Change: 0.0%
Year-over-Year Price Change: 6.5%
Sales Month-to-Month Change: 3.0%
Sales Year-over-Year Change: -7.4%
Stability and Challenges in Southern California
Unlike Los Angeles County, Southern California experienced a month-to-month stability in median sold prices. However, the year-over-year comparison reveals a 7.4 percent decline in sales. This suggests that while prices remain steady, the volume of real estate transactions has encountered obstacles, possibly influenced by broader economic factors and market uncertainties.
Los Angeles Housing Supply Data
Generally, a balanced market will lie somewhere between four and six months of supply. Inventory is calculated monthly by taking a count of the number of active listings and pending sales on the last day of the month. If an inventory is rising, there is less pressure for home prices to increase. With 2.9 months of supply left, it is still short of what economists say is needed for a balanced market. Hence, the Los Angeles County housing market will continue to see upward pressure on home prices.
Months Supply of Inventory (SFH) for Los Angeles County is now 2.8 months.
Months Supply of Inventory (SFH) for the Los Angeles Metro Area is 2.9 months.
Months Supply of Inventory (SFH) for Southern California is 2.8 months.
According to Realtor.com, as of October 2023, the median listing home price in Los Angeles County, CA stands at an impressive $995K, marking a significant 15% year-over-year increase. This surge in pricing reflects the robust demand for homes in the region, making it a noteworthy trend for potential buyers and sellers to consider. Breaking down the figures, the median listing home price per square foot comes in at $638. This metric provides valuable insights for those looking to understand the spatial value of properties in the county. Prospective buyers can use this data to make informed decisions about their real estate investments.
The median home sold price in Los Angeles County, CA is currently at $868.5K. This essential data point gives a clear picture of the actual prices homes are fetching in the market, offering both buyers and sellers a realistic benchmark to guide their expectations.
Sale-to-List Price Ratio One notable aspect of the Los Angeles County, CA housing market in October 2023 is the sale-to-list price ratio of 100%. This indicates that, on average, homes are sold for the asking price. Such a scenario suggests a well-balanced market where buyers and sellers find common ground, fostering a harmonious real estate environment.
Market Balance Examining the broader dynamics, Los Angeles County, CA proves to be a balanced market in October 2023. This equilibrium signifies that the supply and demand for homes are approximately equal. Both buyers and sellers can navigate this scenario with reasonable expectations, making it a favorable environment for real estate transactions.
Median Days on Market For those eager to understand the pace of the market, the median days on market for homes in Los Angeles County, CA is 42 days. This metric measures the average number of days it takes for a property to sell. The trend over the past month has shown a decline, and compared to the previous year, there is a slight decrease. This indicates a market that is efficient and responsive to buyer demand.
he Zumper Los Angeles Metro Area Report offers a multifaceted view of the rental market. While some cities boast high rents, others provide more affordable options. The data also indicates significant variations in rent growth rates, both over the past year and on a monthly basis. California One Bedroom Median Rent As of last month, the median rent for a one-bedroom apartment in California stood at $2,063, according to the Zumper report. This sets the baseline for understanding the variations in different cities across the Los Angeles metro area.
The Most Expensive Cities
Examining the top end of the spectrum, the report identifies the most expensive cities for one-bedroom rentals:
Newport Beach: $3,310
Laguna Beach: $3,270
Santa Monica: $3,160
The Least Expensive Cities
Contrastingly, the report also highlights the most affordable cities for one-bedroom rentals:
San Bernardino: $1,400
Hawthorne: $1,740
Long Beach: $1,800
Fastest Growing Rents (Year-over-Year)
For those observing the trend in rent growth over the past year, the report highlights the cities with the fastest-growing rents:
Torrance: Up 11.7%
Newport Beach: Up 10.3%
Costa Mesa: Up 8.7%
For a more short-term perspective, the report provides insights into the cities with the fastest-growing rents on a monthly basis:
Newport Beach: Monthly growth rate of 6.1%
Dana Point: Monthly growth rate of 6%
Ventura: Monthly growth rate of 5.1%
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