L.A. home prices dropped second-most in nation, in December; inventory remains high
Prices appear to be steadily going down and new listings are slowing down according to a study published by real estate company RE/MAX
In December 2022, the median price of a home in Los Angeles was $810,000; down $40,000 or 4.7% from December 2021
San Francisco had the largest decline in the study, which saw a 5.1% decrease
The total number of new houses to come onto the market is down 38.6% this year versus last
In Dec. 2021, there were 7,343 new real estate listings in Los Angeles. This past December, there were only 3,540
Housing inventory in Los Angeles is still much higher than the previous year
Prices are dipping, inventory is up and homes aren’t selling as fast — all good news for buyers
It’s also important to note that, while the median price of a house sold is down, the same data indicates that homeowners are also listing their homes at a higher price to begin with