So far this year, we’ve seen the median price for Los Angeles County increase every month and April may be the last month we see the median price under $1 Million. The median sale price in LA County is $999,129, a 13.2% increase from April 2021. Sadly, the story of low inventory continues to drive prices up and means there are fewer sales closing and fewer homes for sale. Inventory is down almost 20% from the same time last year and the number of closed sales is down 15%. Days on market also continues to fall. The rise in interest rates may help slow the rate of price increases, but there are still so many buyers competing for too few houses so that may keep prices on the rise despite the rising interest rates.
Click here to read the full April 2022 Micro Report for Los Angeles, with statistics from neighborhoods and counties across Southern California.