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Realtors: LA housing demand fell as interest rates rose
LA County Dec 26, 2022
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Sales of existing homes and median prices in Los Angeles County fell last month, dovetailing with statewide trends, the California Association of Realtors said Friday.
In November, home sales countywide were down 16.3% compared to October and were off 44.5% compared to a year ago, according to CAR.
The association’s Unsold Inventory Index for November indicated that the median time a property was on the market in the county before it sold was 23 days. Statewide, it was 24 days.
“While interest rates are higher than year-ago levels, they have been declining since early November from the recent peak of over 7 percent,” CAR President Jennifer Branchini said. “With home prices cooling and market competition easing in recent months, some qualified buyers who missed out on the hurried market of the last two years are taking advantage of the shift and finding sellers more willing to negotiate than they have been up to this point.”
The median home price countywide in November was $836,630, compared to $854,560 in October, a 2.1% decline, according to CAR.
On a year-over-year level, the price was 1.3% lower; in November 2021, the median price of an existing single-family property was $847,790, data showed.
Statewide, the median price last month was $777,500, compared to $801,190 in October — down 3.0%. In November 2021, the statewide median price was $782,480, reflecting a year-over-year drop of 0.6%.
The median represents the point at which half of homes sell above a price, and the other half below it.
