Are sellers cutting prices in Los Angeles?

Are sellers cutting prices in Los Angeles? Yes, sellers are cutting prices in Los Angeles, but not as much as they were a year ago. Currently, 14.3% of homes have had their prices reduced. This means that about one in seven homes on the market has dropped its price. It's a common strategy for sellers to adjust their price if a home isn't getting enough attention. Compared to last year, fewer sellers are cutting prices. The share of price-reduced homes is down by 1.4% from a year ago. So, while price cuts are still happening, they are slightly less frequent. Even with some price cuts, the typical home in Los Angeles is still listed for less than last year. The median listing price is down 8.0% year-over-year to $1,100,000. This suggests overall prices have cooled. If you are looking to buy, you might find some opportunities to negotiate, especially on homes that have been on the market for a while or have already seen a price reduction.