Are sellers cutting prices in Los Angeles?

{ "answer": "Yes, about 17% of homes for sale in Los Angeles had a price cut in the most recent month. This means sellers are adjusting their expectations to attract buyers.", "paragraphs": [ "The median listing price in Los Angeles is \$1,034,500. This price has dropped by 1.5% compared to the previous month and by 5.9% over the past year. This shows a downward trend in asking prices.", "The average listing price also decreased by 3.0% over the past year, now at \$2,195,231. The price per square foot also fell by 2.8% year-over-year, to \$647. These figures consistently point to lower prices.", "The share of homes with price reductions is 17.1%. This is slightly higher than the same time last year, by 1.9 percentage points. More sellers are feeling the need to lower their prices.", "Homes are staying on the market for a median of 55 days. While this is a small decrease from last year, the overall trend of price cuts and lower listing prices suggests sellers are working harder to make a sale.", "If you are looking to buy, current trends suggest sellers are more open to negotiating on price. This could be a good time to find a deal." ] }