Is Los Angeles a buyer's market right now?

It looks like Los Angeles isn't strongly favoring buyers right now. While prices have come down a bit, other market signs suggest a balanced or slightly competitive environment. It's not what we typically call a "buyer's market." The median listing price is $1,050,000, which is down slightly by 4.3% from the prior month and 4.5% compared to a year ago. This dip in prices could be good news for your budget. However, homes are spending about 53 days on the market, which is unchanged from a year ago. This consistent time on market doesn't suggest homes are lingering for very long. Also, the number of homes for sale (active listings) is 20,134, which is about the same as last year, down only 0.3%. New homes coming onto the market (new listings) are also slightly down by 2.6% over the past year. This indicates that the supply of homes isn't significantly growing. About 16.6% of homes have had a price reduction, which is a small decrease from last year. This suggests that fewer sellers are needing to cut prices to find a buyer. For anyone looking to buy, focus on understanding what you can afford and be ready to act when you find a home you love, as the market isn't showing strong signs of a slowdown.