Are sellers cutting prices in Los Angeles?

Sellers in Los Angeles are indeed cutting prices. In the most recent month, 16.6% of homes on the market had their prices reduced. This means that about one in every six homes currently for sale had a price drop. The share of homes with price reductions is almost the same as it was over the past year. The overall median listing price for homes in Los Angeles has also seen a decrease. It is currently $1,050,000, which is down 4.3% from the previous month and 4.5% compared to the past year. Even with these price adjustments, homes are staying on the market for an average of 53 days. This hasn't changed compared to the past year. If you are considering buying, these price reductions could mean more opportunities to negotiate on homes that have been on the market for a while.