Los Angeles & South Bay September 2019 Housing Market Update - Flat Median Prices, Falling Rates
Los Angeles real estate Broker Mike Weber discusses where the Los Angeles County and South Bay Beach Cities real estate market is currently at for the beginning of September 2019. Find out what's happening with median homes prices, the supply of inventory, and the number of closed sales in Los Angeles County as a whole and the South Bay Beach Cities.
In anticipation of the Federal Reserve lowering the federal funds rate recently and signalling a much more dovish stance compared to most of last year, mortgage rates have fallen back down to extreme lows, historically speaking, which has lead to a bounce in median prices and closed sales and a reduction in inventory levels that we likely would not have experienced had rates continued trending upwards as they started to in the middle of last year.
Even with mortgage rates having fallen over a full percentage point in the last 6-12 months, we're only seeing modest median price gains and limited support in the local housing market. What I'm seeing first hand is a very strong market at lower price points, a balanced market at price points in the middle, and a softening market at higher price points. It will be interesting to see what happens in the next several months as we wind down into the slowing holiday season.
