The median sales price for a single-family home increased even higher this past month, to $900,000. July continued to be a very busy month for real estate filled with new escrows and closed sales, and the average days on market fell even further to 21 days. Inventory is down substantially from this time last year, which is causing the upward price trends and the downward trend of days on market.
What we’ve seen and what we’re experiencing first hand is that while homes are still selling faster and there is heavy demand, we are headed to a seasonal slowdown, especially with kids heading back to a new school year. This is backed up by data nationally as well. According to Realtor.com “Housing Market Trends Report” for the US, “Homes are still being quickly snapped up as demand remains elevated, but the time a typical listing spends on the market is beginning to conform to seasonal norms. While last year the time on market continued to decline until October, this year, time on market in July increased over June, following a more typical seasonal trend.”
Click here to read the full July 2021 Micro Report for Los Angeles, with statistics from neighborhoods and counties across Southern California.