Is Los Angeles a seller's market right now?

There are signs that indicate a more balanced housing market in Los Angeles, rather than one strongly favoring sellers. While some numbers suggest continued interest, others point to less intense competition among buyers. The median listing price in Los Angeles is just under $1.1 million, which hasn't changed at all in the most recent month, and is 7% lower than it was a year ago. This suggests that prices are holding steady right now, but have come down over the past year. The number of homes for sale (active listings) is 19,232, which is almost the same as last year. The number of new homes coming on the market is slightly down, by 2.9%. This means supply isn't really growing, which can sometimes favor sellers. Houses are staying on the market for an average of 50 days, which is a bit longer than last year. Also, about 15% of homes have had a price reduction, though this is slightly less than a year ago. These two points suggest homes aren't flying off the market as quickly as they once were. For someone looking to sell, it’s important to price your home realistically, given the current stable but slightly lower price trends year-over-year and homes spending a bit more time on the market.