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.

Weakness In Housing Continues - Nov. 2022 LA Housing Market Update

Well guys and gals, the higher mortgage rates continue to put a damper on the housing market, as pending home sales and closed sales continue to decline, while days on market and inventory levels continue to rise.

As we shift more and more in the direction of a buyer's market, it's getting harder to sell a home and easier to buy one, which will be welcome relief for buyers that have had a tough time for many years. With the likelihood of a Fed pivot sometime in 2023, this could be a very good time for buyers to find the right home at the right price, while positioning themselves well for a potential refinance into a better rate soon. This coupled with a host of new lending programs keeping the payment low for the first few years of payback could allow for some great buying opportunities.

Contact us if we can assist with your real estate needs.

Pending Home Sales Crash Below CV Lockdown Low - October 2022 LA Housing Market Update

Amazingly, pending home sales have fallen below the low during the initial phase of the CV lockdown, and at the same time, median home prices remain elevated just slightly compared to a year ago, showing the substantial resistance in the marketplace to pricing property where it will actually sell and not sit on the market. The drastic rise in interest rates is pricing many buyers out of the market.

The good news is homes priced correctly are still selling relatively quickly and buyers continue to have more options to choose from.

Home Prices & Sales Keep Falling - September 2022 LA Housing Market Update

The housing market continues to soften as we hear more from the Federal Reserve about further rate increases going into 2023. While median prices have fallen from their recent peaks, they still remain just above where they were a year ago for the same month. Pending sales and closed sales continue to decline, but interestingly, inventory levels still remain relatively low all things considered.

The good news is homes priced correctly are still selling relatively quickly and buyers continue to have more options to choose from.

Well folks, things have been continuing on trend from the last few months. Prices just barely eke out a gain, while inventory starts its rise. Pending sales and closed sales are plummeting. Generally speaking, in order to sell in this new market, sellers will need to price correctly out of the gate and/or make their homes more desirable and in many cases even be willing to jump through hoops we haven't seen for a long time. Buyers will be rewarded, assuming they qualify, with more options and less competition in their home search. The new market is upon us.

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Prices Flatten, Sales Fall - July 2022 LA Housing Market Update

As a result of rising mortgage rates, the real estate market continues to cool off. Median home prices remain above last year's levels but are starting to flatten out. Closed and pending sales are both down significantly, and after far too long, we're finally seeing an uptick in inventory levels, which should be a welcome sight to buyers that have been having a tough time finding the right home. Watch the video to find out what's happening with pending sales, closed sales, median prices, and the supply of inventory.

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Pending Home Sales Crash - June 2022 LA Housing Market Update

We are either experiencing the calm before the great storm or a drastically more expensive and difficult housing market to come, as pending home sales crash, while home prices and mortgage rates rise substantially. This strong compound effect of higher prices and higher rates coupled with increasingly lower inventory and pending sales is sure to result in a challenging market ahead for both buyers and sellers.

Watch the video to find out what's happening with pending sales, closed sales, median prices, and the supply of inventory.

Contact us if we can assist with your real estate needs.

The Weber Real Estate Team

424-237-8570

BRE 01949818

Have Home Prices FINALLY Peaked? - May 2022 LA Housing Market Update

With the Federal Reserve signalling a .5% rate increase today, will this finally push the housing market over the edge? Has housing finally peaked?

So far the objective data would not suggest a peak in home prices, but leading indicators and subjective data are pouring in already that things are cooling off quickly. Certainly, rates can't continue their march higher for much longer before we see weakness in the housing market like we've been seeing in the stock market.

Watch the video to find out my thoughts on whether we've hit a peak in the housing market.

Contact us if we can assist with your real estate needs.

The Weber Real Estate Team

424-237-8570

BRE 01949818

Home Prices Start Rising AGAIN – Apr. 2022 LA Housing Market Update

As we head into peak selling season, median homes prices have started to rise pretty substantially again in the county of Los Angeles, even in the face of higher mortgage rates. Inventory remains terribly low and shows no signs of improving anytime soon. Prices in the South Bay are still pretty flat, but as long as rates level off, they will likely soon follow the trajectory of the county as a whole. Check out the video to learn more!

Contact us if we can assist with your real estate needs.

The Weber Real Estate Team

424-237-8570

BRE 01949818

www.SouthBayOnSale.com

Home Prices Flatten – Mar. 2022 LA Housing Market Update

In this video, I talk about how home prices have been gradually flattening out in L.A. County and the South Bay and how inventory remains low as well as a little about interest rates and how they may affect the housing market moving forward.

Contact us if we can assist with your real estate needs.

The Weber Real Estate Team

424-237-8570

BRE 01949818

www.SouthBayOnSale.com