How is the Los Angeles housing market doing?

The Los Angeles housing market currently shows a slight cooling trend, with median listing prices dropping over the past month and year. This means homes are, on average, a bit more affordable than they were recently. The market is seeing fewer new homes come up for sale. The median listing price right now is $1,050,000. This price went down by 4.3% in the most recent month and is 4.5% lower than it was at this time last year. This suggests prices are moving down, which could be good news for buyers. There are 20,134 active listings, which is about the same as last year, showing the number of homes for sale has stayed steady. However, new listings are down 2.6% compared to a year ago, with 8,416 homes hitting the market. This means there are fewer fresh choices for buyers. Homes are taking 53 days to sell on average, which hasn't changed at all compared to last year. This steady pace means homes aren't flying off the market super fast, but they aren't sitting for significantly longer either. The median price per square foot is $652, which is 2.1% lower than it was last year. For potential buyers, these trends could mean a bit more negotiation power or finding slightly better deals. For sellers, it means pricing homes realistically is key given the downward pressure on prices.