Should I wait to buy a home in Los Angeles?

There are a few signs that now might be a good time to consider buying, as prices have softened recently. However, inventory isn't growing much, so choices could still feel limited. Ultimately, your personal situation is the most important factor.< >< >The median price for a home in Los Angeles right now is $1,034,500. This is 1.5% lower than the prior month and 5.9% less than this time last year. This suggests prices have been easing for buyers.< >< >Homes are also spending about 55 days on the market before selling, which is a bit quicker than last year. This means that even with price drops, homes are still finding buyers fairly consistently.< >< >Right now, there are 20,130 active listings, which is only a 4.2% increase compared to last year. This modest increase in available homes might not feel like a lot more options for buyers.< >< >About 17.1% of homes have had their prices reduced, which is slightly more than last year. This could mean more opportunities for buyers to negotiate on price.< >< >If you're ready to buy, the recent price dips and increased price reductions could offer a good entry point.