Home Prices Finally Fall Year-to-Year - Dec. 2022 LA Housing Market Update
It looks like median home prices have finally declined beyond where they were at the same time a year ago in the Los Angeles area based on the data that is in as of the 1st of the month. In addition, pending and closed sales continue to fall and inventory continues to build, while we await the next Fed rate hike in December.
It's of course more important than ever for motivated sellers to get aggressive with their pricing and sales strategies, as only the most aggressively priced homes are seeing activity and selling. Buyers who can afford to buy with the higher rates, on the other hand, are starting to have a lot more opportunities with a lot less competition. The good news is homes are still selling when a motivated seller comes into alignment with a motivated buyer.
