Should I buy new construction or resale in Los Angeles?

In Los Angeles, the median listing price for homes is $1,099,950. This is 7.0% lower than what it was a year ago, meaning homes are generally less expensive to list now. The number of homes for sale has barely changed over the past year. There are currently 19,232 active listings, which is only a 0.9% drop from last year. When looking at homes just put on the market, there are 9,166 new listings. This is 2.9% fewer than last year, so slightly fewer fresh options are appearing. Also, properties are staying on the market for an average of 50 days, which is about 6.4% longer than a year ago. This means homes are taking a bit more time to find a buyer. A smaller percentage of homes, about 15.4%, have dropped their prices. This is a small improvement, as it's 1.3% less than last year. There are 7,464 homes in pending status, meaning offers have been accepted. To put this in perspective, for every 100 homes for sale, about 39 have an offer pending, which is a slight increase from last year. Knowing this real estate picture for Los Angeles, you can decide if new construction or resale is right for you.