Are home prices going up or down in Los Angeles?

In Los Angeles, home prices are currently going down. The median listing price has dropped both over the past month and compared to last year. The median listing price right now is $1,034,500. This is a 1.5% decrease from the previous month and a larger 5.9% drop compared to this time last year. This shows a clear trend of prices softening. On average, homes are also selling for less per square foot. The median price per square foot is $647, which is 2.8% lower than it was a year ago. This reinforces the overall downward movement in home values. Even with prices coming down, there are more homes available to choose from. Active listings have gone up 4.2% over the past year, with 20,130 homes on the market. However, fewer new homes are being listed, down 1.9% from last year. Homes are taking a little longer to sell than before. The median time a home stays on the market is 55 days, a slight increase from last year. Also, 17.1% of homes have had their prices reduced, showing sellers are adjusting expectations. If you are looking to buy, these trends suggest you might find more options and potentially negotiate on price. If you are considering selling, understanding these price adjustments can help you set a realistic price for your home.