L.A. real estate news and insights.
Home buyers who paid cash accounted for 32% of home sales in January, marking the highest rate since 2014, the National Association of REALTORS® reports. Many leveraged the equity from a prior home sale.
Only 6% of first-time home buyers made a cash purchase in 2023 compared to 26% of repeat buyers.
There were a total of 10,887 homes on the market in January in LA County. This includes both new listings and homes that remain on the market unsold.
That was 13% below a year earlier, but an improvement from the 26% annual decline recorded in September.
Source: Zillow
Contact me for pictures.
According to the Zillow Home Value Index, home values fell in Los Angeles 0.1% between December 2023 and January 2024. Prices going down over the holidays is really no surprise as it tends to happen every year. 0.1% is far less than what I have seen in past holiday seasons.
Year over year LA home values are up 7.4%.
Some real estate experts are predicting home values could go up as much as 5% by the end of 2024.
This is the cheapest home for sale this week in Highland Park.
Asking price: $399,000
Text me for a private tour at 818-445-7953.
LA County home median sale price jumps $30,000 from July to August.
Here is the cheapest home for sale this week in Burbank.
Text me for a private tour at 818-445-7953.
This home has 1 bed/1 bath, 600 sq. ft. of living space, and the lot is just under 2,700 sq ft.
Asking price: $699,000
Here is another sign that there are not enough homes for sale on the market.
If we had more housing inventory, we would not have this issue. I am still seeing strong buyer demand out in the field.
The original 2023 forecasts (released in late 2022) for all of these organizations called for home prices to fall.
Looks like they have all changed their tune.
Keep in mind Zillow recently lost $880,000,000 on their failed home-flipping business... they are not the best at predicting market trends.
Where do you think home prices will go by the end of 2023?
The average rate on a 30-year fixed mortgage has hit 7.48%, according to Mortgage News Daily.
Mortgage rates jumped, following a rise in bond yields driven by investors’ concerns that high interest rates and inflation will linger longer than expected.
Southern California’s housing market continued rebounding in June, despite below-average sales and the highest mortgage rates in seven months.
With inventory at the lowest level for a June in a dozen years, even this year’s diminished demand exceeds the number of homes for sale, driving up prices.
As a result, the median price of a Southern California home — or price at the midpoint of all sales — was $730,000 in June, CoreLogic reported.
That’s down just 0.7% or $5,000, from a year earlier. It also follows four months of off-and-on price gains that brought the region’s median within $20,000 of the all-time high of $750,000 reached in April 2022.
Baby Boomers have officially taken over! They now represent 39% of all home purchases.
Millennials have dropped down to 28% of home purchases.
The already dizzying Los Angeles housing market is poised to reach new heights, as the latest data from Zillow suggest that the median home listed in the city will soon cost more than $1 million.
As of June 30, the figure was $975,333, more than a 30% increase from five years prior. Statewide, six other cities were even more expensive and had already crossed the million-dollar mark: San Jose, Santa Maria, Santa Cruz, Salinas and San Francisco.
In Santa Cruz and San Diego — the major markets with the largest increases — median listing prices were up more than 40% over the last five years.
Source: Los Angeles Times - By Terry Castleman
👀
Source: Forbes
