Is Los Angeles a seller's market right now?

It doesn't look like Los Angeles is strongly favoring sellers right now. While there aren't many more homes for sale, prices have been going down. Buyers might have a bit more room to negotiate. Looking at the numbers, the median listing price is $1,050,000, which is 4.5% lower than this time last year. It also dropped 4.3% in just the last month. This shows prices have been trending down, which is usually better for buyers. The number of homes for sale, called active listings, is 20,134. This is about the same as last year, only down 0.3%. New homes coming onto the market are also slightly down, at 8,416, a 2.6% drop from a year ago. Houses are staying on the market for 53 days before they sell, which is the same as last year. Also, 16.6% of homes have had their prices cut, a slight decrease from last year but still a notable portion. These factors suggest homes aren't flying off the market. The pending ratio is 0.34, meaning for every 100 homes for sale, about 34 are under contract. This is a bit lower than last year. When fewer homes are going under contract relative to what