The median sales price for Los Angeles County in July 2022 was $929,500, which is down 6% from the previous month but up 3% from July 2021. This is the third month in a row that the median sales price has decreased from the previous month, but prices are still higher than they were in 2021. This softening of prices may be due to rising interest rates and/or buyers becoming wary of “overpaying.” There were 5% more houses for sale in July than in the previous month, but there were fewer properties sold and in escrow than the previous month. And inventory overall is still down from this time last year, and this limited inventory coupled with strong demand for homes in LA is keeping prices from falling too much.
Perhaps the most important thing to keep in mind is that Los Angeles County is an enormous geographical area, home to over 10 million people. While the county level stats are indicative of broader trends, LA has dozens of neighborhoods, each with their own micro market factors. Having a real estate agent with both micro and macro level knowledge of neighborhoods and trends is essential to help you find the best deals.
Click here to read the full July 2022 Micro Market Report for Los Angeles, where you can see statistics from the different neighborhoods in LA, plus data from other counties in Southern California!