Is Los Angeles a buyer's market right now?

The market in Los Angeles is not strongly favoring buyers right now. While prices have come down a bit, there aren't many homes to choose from, and homes are still selling fairly quickly. Most homes are also selling for close to their original price. The median listing price is $1,097,000, which is down slightly by 0.3% from the prior month and 4.5% compared to last year. Even with this drop, the average listing price is much higher at $2,262,976. There are 19,865 active listings, which is a small decrease of 1.5% from last year. New listings are also down by 2.8% over the past year, with 8,596 new homes added to the market. This means there isn't a large influx of new homes available for buyers. Homes are staying on the market for 52 days, which is slightly longer than last year (up 2.0%). However, 16.1% of homes have had a price reduction, which is a slight decrease of 1.6% from last year, suggesting most sellers are not cutting prices significantly. With fewer homes on the market and homes selling relatively quickly, buyers may still face competition. You'll want to be prepared to act decisively when you find a home you like.