Los Angeles Metro Area Housing Market Analysis - August 2024

The Los Angeles metro area housing market in August 2024 presents a complex landscape with a mix of declining and rising metrics. The Median Sales Price stands at $900,000, reflecting a year-over-year (YoY) decrease of 2.2%. Similarly, the Median List Price is also $900,000, showing a more significant YoY decline of 3.8%. Despite these drops, the median Price Per Square Foot has increased by 2.7% to $595.24, and the Median List Price per square foot has risen by 4.5% to $603.64.

In terms of sales activity, the number of Homes Sold in August 2024 is 4,576, which is a slight YoY decrease of 1.6%. However, Pending Sales have increased by 2.7% YoY, reaching 5,091. New Listings have seen a notable rise of 7.2% YoY, totaling 5,819. Inventory levels have surged by 23.3% YoY, now standing at 13,913 homes. This increase in inventory has contributed to a significant rise in the Months of Supply, which is now at 3.0 months, a 60.0% YoY increase.

The Median Days on Market for homes in the Los Angeles metro area is 39 days, reflecting a 5.0% YoY increase. The average sale to list ratio is 100.4%, down by 1.3% YoY. The percentage of Homes Sold above list price has decreased by 8.4% YoY, now at 46.2%. Additionally, the percentage of Price Drops has increased by 2.9% YoY, reaching 21.6%. The percentage of homes going off the market within two weeks has declined by 9.1% YoY, now at 32.8%.

Overall, the Los Angeles metro area housing market in August 2024 is characterized by a decline in median sales and list prices, coupled with an increase in inventory and New Listings. While some metrics such as the median Price Per Square Foot and Pending Sales have shown positive growth, the market is experiencing longer days on market and a decrease in the percentage of Homes Sold above list price.