Is Los Angeles a buyer's market right now?

Right now in Los Angeles, the housing market shows a mix of conditions, with home prices staying flat recently but down compared to last year. It isn't clearly weighted toward either buyers or sellers when looking at all the numbers together. The median listing price is holding steady at $1,099,950 from the prior month. However, this price is 7.0% lower than it was at this time last year, which could be a bright spot for those looking to buy. Homes are staying on the market a little longer, taking 50 days to sell on average. This is over 6% longer than last year, giving buyers more time to look around and make decisions without as much rush. There are slightly fewer homes for sale compared to last year, with active listings down by 0.9% and new listings down by 2.9%. This means fewer choices overall, but it's not a huge drop. About 15.4% of homes have had their prices reduced, which is a bit less than last year. This suggests that fewer sellers are needing to drop their prices to attract buyers right now. For anyone looking to buy, the longer time homes are spending on the market and the year-over-year price dip could give you a bit more breathing room to find a home that fits your budget.