Are home prices going up or down in Los Angeles?

Right now, home prices in Los Angeles are showing a slight decrease. The median listing price has dipped compared to both the previous month and the previous year. The median listing price for homes in Los Angeles is $1,050,000. This is down by 4.3% compared to the month before and 4.5% lower than the same time last year. This suggests a cooling trend in home values. Buyers might notice that homes are staying on the market for about 53 days, which is the same as last year. Also, 16.6% of homes have had their prices reduced, which is a common strategy to attract buyers. There are 20,134 active listings available, which is almost the same as last year. However, fewer new homes are coming on the market, with 8,416 new listings, a 2.6% decrease from the previous year. For sellers, the decrease in listing prices and the steady time homes spend on the market mean it's important to price competitively. For buyers, these trends could mean more room for negotiation on prices.