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LA Market Update: Few Buyer Options Leads to Drop in Los Angeles Home Sales in June

07/1/18  |   Laura Barton

Large drop in some relatively more-affordable communities, Eastside saw the largest year-over-year drop...

 

June Home Sales, Including Single-family Residences and Condominiums in Greater Central Los Angeles Fell Notably Compared With Last Year, Down 20 Percent.

 
  • Large drop in some relatively more-affordable communities, Eastside saw the largest year-over-year drop, down by 36 percent.
  • While sales below $1 million continued falling trend from the beginning of the year, June shows a relatively large decline in sales of homes priced between $2 million and $3 million.
  • Overall year to date sales of homes priced higher than $1 million are still tracking above last year, up 5 percent. 
  • NELA and Mid L.A./Baldwin Hills continue to benefit from strong sales of homes priced between $1 million and $2 million.
  • Despite the overall decline, sales of homes above $2 million trended higher in Silicon Beach, Eastern Cities, Foothill Communities, Greater Pasadena, and Mid-City. Declines were driven by Beverly Hills/Holmby Hills/Bel-Air, Brentwood/Santa Monica/Pacific Palisades, Hollywood Hills, and West L.A.

Inventory Dropped by 15 Percent From Last June, With All Greater Central Los Angeles Neighborhoods Seeing Significantly Less Supply on an Annual Basis. 

 
  • Inventory of homes priced below $1 million dropped by 27 percent from last year, while inventory priced higher than $1 million was down by 3 percent. Only NELA showed a solid improvement from last year.
  • New listings in June decreased by 11 percent year over year in June, which suggests that availability for July sales may suffer as well, there were notable drops in the East and West Valleys, Downtown L.A., and Silicon Beach.

Despite Fewer Home Sales, Median Home Prices Continue With Robust Growth, Up 12 Percent From Last June. 

 
  • Mid-City is now a million dollar neighborhood, with prices jumping by 28 percent from last June to a median of $1,065,000.
  • Eastside home prices grew by 26 percent, without pressure coming from higher-priced sales.
  • Median home prices in Silicon Beach and Eastern Cities increased by more than 20 percent.

Other Indicators Suggest That Demand Remains Strong, Particularly for Homes Priced Less Than $2 Million. 

 
  • For homes priced below $2 million, a decline in the median days on market, an increase in absorption rates, and more homes selling for premiums all suggest solid buyer demand. 
  • Some buyer fatigue remains for homes priced between $2 million and $3 million.

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