"In October, the average home price across the six-county region climbed to $860,773 - a 0.01% increase compared to September. However, prices were still down 1.4% compared to October 2024. Economists and real estate agents say a variety of factors have slowed the market, including high mortgage rates, rising inventory and economic uncertainty stemming from tariffs. The same factors continued in October, but the uptick reflects a slight dip in inventory as more sellers choose to hang on to their homes."
"Values started increasing again when the number of homes for sale plunged as sellers backed away, unwilling to give up mortgages they took out earlier in the pandemic with rates of 3% and lower. Real estate agents say homeowners increasingly want to take the next step in their lives and are deciding to move rather than hold on to their ultra-low mortgage rates."
Southern California home prices rose in October to $860,773, a 0.01% increase from September but 1.4% below October 2024. The rise halted a five-month skid that cut average values by more than $14,000 since April. High mortgage rates, rising inventory and tariff-driven economic uncertainty have slowed the market. Listings in L.A. County fell 2% month-over-month and the share of homes with price cuts dipped slightly, while overall inventory remained 19% higher than last year. Homeowners with ultra-low pandemic-era mortgages are increasingly choosing to move, but many first-time buyers remain locked out. Zillow projects a 1.4% local price gain over the next year.
Read at Los Angeles Times
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