According to The Real Deal Real Estate news, “Los Angeles has become a topsy-turvy home market.” In April, Redfin reported that L.A. County home prices went down by 6.3% over the prior year. But Redfin also reported that in March, home prices had gone up 3.1% over February. 

These ups and downs in pricing don’t apply to every neighborhood and region of L.A. County. Some neighborhoods have continued to see steady price increases. Others have seen steeper declines.

Inventory Influences Pricing

Even though mortgage rates have been going up since 2022, the relatively low number of homes for sale in the Los Angeles area is influencing home pricing. It’s likely that the most desirable neighborhoods will still see limited inventory and higher prices throughout the rest of the summer and into the fall.

Few to No Foreclosures and Short Sales

You might remember a time when there were a significant number of foreclosed homes or short sales. There are only a few short sales throughout Los Angeles County as of June 2023. 

The reason why? According to the CEO of a large brokerage, “People are equity rich.” Therefore, the severe economic pressures that occurred during the 2008 financial crisis and earlier downturns in the 1990s, aren’t influencing many new foreclosures and short sales.

Working With Experts That Understand The Market

If you’ve been waiting for a better time to buy a new home, the time could be right now. Los Angeles is a diverse residential real estate market and it’s likely that the home that’s right for you is out there right now. Whether you’ve already decided which neighborhood is the one you want to live in, or are still exploring, you can discover great opportunities for residential real estate by working with a firm that has deep experience and knowledge, like California Platinum Realty.

You can also discover the financing options that are right for you by working with California Platinum Loans, a brokerage with many established, beneficial relationships with lenders. By working with a great broker, you can successfully navigate the complex L.A. housing market and understand your financing options.

Contact California Platinum Loans today to learn your options in home mortgage and real estate choices.

Sources

Asch, Andrew. “LA Home prices turn corner in March,” The Real Deal Real Estate News, 23 April 2023, url: https://therealdeal.com/la/2023/04/25/la-home-prices-turn-corner-in-march/