Here are the Aug stats for the Southern California Housing Market. The key Los Angeles County numbers are highlighted. For the month to month period July to Aug median prices rose 1% and sales stayed similar (up 1.2%). Prices are still 3% above same time last year although sales are down 29%. Uncertainty is causing many Sellers to pause to see what happens.
The Feds seem likely to increase rates again which I would expect to lower both prices and sales. Mortgage rates are not directly tied to Fed rates but generally follow the same direction.
It is interesting to note that in the Counties where Sellers are lowering their prices (2-5%) the month to month sales have increased over 10%.
For a free consultation on your home’s value, how to prepare your home to sell or the real estate market in general call me at (818)570-1144 or email [email protected] or visit https://janeybishop.com
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