May 2022 represents the first time this year that the median sales price for Los Angeles County did not increase from the previous month. The median sale price for LA County last month was $995,000, down very slightly from the previous month but up 11.2% from May 2021. The number of closed sales continued its downward trend, but we may finally start to see a slight increase in inventory. There were more homes for sale in May than in April 2022, but there are still fewer homes for sale this year than the same time last year.
The relative lack of inventory and strong buyer demand is keeping prices from falling dramatically, but we may start to see a leveling off of prices as the rising interest rates create higher monthly payments that some buyers can no longer afford.
Click here to read the full May 2022 Micro Report for Los Angeles, with statistics from neighborhoods and counties across Southern California.