Today’s Real Estate News 11/10/2018

Summary

# Los Angeles home sales declined by 24 percent year over year in September, with all local communities except the Eastside showing a decline in the third quarter, bringing 2018 housing market activity to 11 percent below last year.

# Following a strong start for higher-priced sales at the beginning of 2018, sales activity slowed in all price ranges in the third quarter, and sales of homes priced higher than $1 million are now trending with 2017 activity.

# Inventory is also 10 percent below last year’s levels, suggesting about 1,100 fewer homes on the market. South L.A. posted the largest inventory drop, down by 34 percent, followed by a 27 percent decline in Downtown L.A. and a 24 percent decrease in Foothill Communities.

# Despite slowing annual price growth of 2 percent, almost half of Los Angeles communities posted appreciation of more than 10 percent — particularly in Northeast L.A., Foothill Communities, Eastern Cities, and Beverly Hills.

# Price reductions rose by 3 percentage points, from 21 percent last September to 24 percent now. More reductions were seen in greater Malibu, Foothill Communities, the Eastside, the West Valley, and the South Bay.

# The rebalancing between buyers and sellers is being driven by affordability constraints and buyer fatigue.

Posted on November 10, 2018 at 7:37 pm
Steven Galindo | Category: A Thought About Real Estate, Real Estate News

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