Above are the latest Housing Market Statistics based on July 2022 activity from the CA Assoc of Realtors. I am focusing on our area, Los Angeles County.
In Los Angeles County the median price fell 1.6% since June (last month) but is still up 4.5% over the same time last year. If you are thinking of selling your home the reason that I suggest sooner rather than later is the drop in sales in the far right hand columns. This drop is the result of the recent interest rate increases rather than lower inventory. If the trend continues fewer buyers will lead to more price decreases. Interestingly mortgage rates have not increased at the same rate as general interest rates because the mortgage lenders no longer have the refinancing business levels of last year and they need business.
The opinion I give to my family and friends is – If you are thinking of selling in the next 3 years I would recommend sooner rather than later. One last consideration is that the impact of lower median price is lessened if you are selling and buying another property because these conditions impact both transactions.
For a free consultation about selling your family home in Woodland Hills, Calabasas, West Hills or the San Fernando Valley Call Janey Bishop (818)570-1144 email [email protected] or watch my videos on https://janeybishop.video/Empty-Nest-Downsizing-Playlist
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