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Mortgage Rates Matter but Lack of Inventory Matters More

06/1/18  |   Laura Barton

Northeast L.A. and Mid L.A. Baldwin Hills continue to benefit from strong higher-priced sales...

 

May Home Sales Slowed Across All Price Ranges Compared With Last May, Though an Earlier Buildup in Higher-priced Sales Has Kept Overall 2018 Activity Higher Than Last Year.

 
  • Northeast L.A. and Mid L.A. Baldwin Hills continue to benefit from strong higher-priced sales.
  • After a busy April, sales of homes priced between $2 million and $3 million slowed.

Inventory Was 24 Percent Below Last May, With Supply in All Price Ranges Falling Notably. 

 
  • Inventory priced below $1 million fell by 20 percent to 50 percent across all neighborhoods.
  • Only a few neighborhoods saw some growth in higher-priced inventories, with $1 million-to-$2-million increases in Northeast L.A., $2 million-to-$3 million increases in Malibu and the West Valley, and $3 million-plus increases in South of 210 and the East and West Valleys. 

The Median Home Price Grew by 11 Percent From Last May. 

 
  • May’s median home price growth was most notable in the Eastside, up by 27 percent, without pressure coming from higher-priced sales.
  • Prices in Silicon Beach/Marina/Airport increased by 24 percent, while prices in Downtown L.A. were up by 20 percent. 
  • Beverly Hills is the only neighborhoods with a lower year-to-date median price, mostly due to lower sales activity in the $2 million-plus price range.

Buyer Fatigue Is Showing for Homes Priced Between $2 Million and $3 Million, With Price Reductions of Sold Homes Up by 8 Percentage Points From Last Year.

 
  • Homes sold at a faster pace than last year, in a median of 28 days.
  • Homes priced between $1 million and $2 million now generally sell in 25 days, faster than those in other price ranges.



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