The median sales price for a single-family home remained at a steady $900,000 this past month for Los Angeles County. August continued to be a very busy month for real estate, filled with new escrows and closed sales, and the average days on market increased by 2 days. Inventory is down substantially from this time last year, which had 21,449 properties for sale compared to 14,526 properties for sale in August.
The California housing market continues to gain traction, as home prices grow steadily from last year. According to Realtor.com “nationally, the inventory of homes actively for sale in August decreased by 25.8% over the past year, a lower rate of decline compared to the 33.5% drop in July. A deceleration in the decline of inventory means the market is heading in an encouraging direction, but active inventory still remains historically low.” The California Association of Realtors reports that “interest rates have been remarkably stable in recent weeks hovering just below 2.9% and the 10-year bond has also fallen, which suggests that the rebound in rates is likely to be sluggish over the near term” explaining the slight increase in the buyer pool.
Click here to read the full August 2021 Micro Report for Los Angeles, with statistics from neighborhoods and counties across Southern California.