How is the Los Angeles housing market doing?

The Los Angeles housing market is seeing some price adjustments right now. There are more homes available than a year ago, and properties are generally staying on the market for a similar amount of time. The median listing price for a home in Los Angeles is currently $1,034,500. This is a bit lower, down 1.5% from the prior month and 5.9% less than what it was a year ago. The price per square foot has also dropped slightly by 2.8% over the past year, now at $647. There are 20,130 homes for sale, which is 4.2% more than last year. However, fewer new homes are being listed, down 1.9% compared to a year ago. This means while overall choices are up, the flow of brand-new options is a little slower. Homes are staying on the market for a median of 55 days, which is a bit quicker than last year. About 17.1% of homes have had their prices reduced. The number of homes going under contract (pending listings) is 6,636, and the ratio of pending to active listings is down 5.7% from a year ago, suggesting a slightly slower pace of buyers committing. If you're looking to buy, these price adjustments and increased choices could mean more opportunities. If you're selling, pricing your home strategically from the start is important.