How is the Los Angeles housing market doing?

The Los Angeles housing market is seeing prices come down a bit compared to last year, but there are more homes available. The median price for a home is $1,100,000, which is 8.0% lower than a year ago. buyers have decreased by 8.0% over the last year. That's a considerable drop. Prices have barely changed since last month, though, showing a tiny 0.1% increase. Around 18,523 homes are currently on the market, a 2.0% increase from last year. This means you have more options to choose from. Homes are staying on the market a little longer, too. The median time a home is listed is 47 days, which is about four days more than last year. Also, fewer sellers are dropping their prices. The share of homes with price reductions is 14.3%, slightly less than last year. This could mean sellers are pricing their homes more realistically from the start. About 7,481 homes are currently pending sale, and the pending ratio is 0.40. This means for every home available, almost half are already under contract. If you're looking to buy, you have more homes to choose from in Los Angeles, and prices are lower than last year. This could be a good time to find a home that fits your budget.