CA Association of Realtors has released the June 2023 Housing Market Statistics. Most of these sales went into contract in May with a 30 day escrow to result in a June closing.
In the Los Angeles County housing market statistics the median price rose significantly up almost 12% in June from May but is still down slightly from same time last year (just over 3%) according to the California Association of Realtors. I had anticipated an increase but this was higher than expected. Ventura County’s prices remained more consistent both month to month and year to year.
The historical trend in median closed sale price in the San Fernando Valley shows prices are not far off from the high in April 2022.
The total sales month to month remained almost even in Los Angeles County but fell over 6% in Ventura County. This drop is a result of the low supply rather than a drop in demand. From my own business I can report that the inventory figure is increasing in July as some Sellers are taking advantage of the strong market. For example, I have a client looking for an investment condo property between Thousand Oaks to Pasadena. 6 weeks ago the number of active listings was 74 and today there are 104 listings (a 40% increase). I will anticipate this increased supply should hold the median price steady when the July numbers are issued.
Interest rates inched up above 7% which will be another factor limiting the chances of median price increases in July. Buyers who were prequalified for a set amount found their budget reduced when rates increased. It is expected the Fed will increase interest rates on July 26 but only by .25%. The next update on inflation will be August 10 to influence the Fed whether or not to approve any additional increases. Let’s hope we receive a respite and the weary home buyers get a break.
General real estate agents are great for working on every day transactions but if you are a Senior who is downsizing, a family settling an Estate in Probate or Trust administration or a family in a Divorce you need a trained, experienced real estate professional.
Who to Call
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
SRES, CPE, CPRES, RCSD, CDRE
Senior Real Estate Specialist, Certified Divorce Real Estate Expert Certified Probate Expert
Certified Probate Real Estate Expert, Real Estate Collaborative Specialist – Divorce
