{"id":5129,"date":"2018-09-11T16:11:07","date_gmt":"2018-09-12T00:11:07","guid":{"rendered":"https:\/\/jurus.net\/juliemeggat\/?p=5129"},"modified":"2018-10-08T19:54:16","modified_gmt":"2018-10-09T03:54:16","slug":"los-angeles-housing-market-rebalances-in-july","status":"publish","type":"post","link":"https:\/\/jurus.net\/juliemeggat\/los-angeles-housing-market-rebalances-in-july\/","title":{"rendered":"Los Angeles Housing Market Rebalances in July"},"content":{"rendered":"<p><strong>Los Angeles Housing Market Rebalances in July &#8211; Sales of Homes Between $1 Million &amp; $2 Million Have Picked Up Again <\/strong><\/p>\n<ul>\n<li>July home sales \u2014 including single-family residences and condominiums \u2014 in greater central Los Angeles were down by 6 percent from last July, a smaller decline than in the previous two months. Sales of homes priced between $1 million and $2 million trended higher again.<\/li>\n<li>While most of the decline was still driven by fewer sales of homes priced below $1 million, West Southbay, East Valley, and West L.A. drove most of the decrease.<\/li>\n<li>Relatively more-affordable communities \u2014 the Eastside and the North Valley \u2014 saw increases in sales over last year\u2019s May-through-July period.<\/li>\n<li>Sales of homes priced between $1 million and $2 million picked up again, driven by the East Valley, Silicon Beach, NELA, and Greater Pasadena.<\/li>\n<li>Only West Southbay, Sunset East, West Valley and South of 210, and Downtown L.A. saw a decline in homes priced below $2 million.<\/li>\n<li>The drag on sales priced higher than $3 million was mostly driven by a notable decline in Beverly Hills, followed by the West Valley.<br \/>\nWhile inventory fell by 9 percent from last July, the rate of decline is getting smaller, suggesting some improvement in overall supply conditions.<\/li>\n<li>The supply improvement was most notable in West L.A. and Brentwood for homes priced over $1 million.<\/li>\n<li>There were overall almost 1,000 fewer homes for sale than last July, with the lowest price range driving the decline.<\/li>\n<li>Only West L.A. and Brentwood had more inventory in total compared with last year.<\/li>\n<li>The inventory of homes priced above $3 million increased by 93, mostly in the West Valley, Beverly Hills, and West L.A.<\/li>\n<li>Median home prices increased by 7 percent year over year, with an overall year-to-date, increase of 10 percent.<\/li>\n<li>Slowing median price growth follows double-digit appreciation since the beginning of 2018.<\/li>\n<li>Median price growth has gradually returned to its last three-year average.<\/li>\n<li>Forecasts call for 5 percent appreciation through 2019.<\/li>\n<li>Mid-City is now a million-dollar neighborhood, with prices jumping by 28 percent from last June to a median of $1,065,000.<\/li>\n<li>Relatively higher median price growth was seen in Foothill Communities, followed by Eastside, West L.A., and Silicon Beach.<\/li>\n<li>Some sellers rethought their pricing strategies.<\/li>\n<li>More price reductions compared with last July were recorded in areas with a larger share of homes priced between $2 million and $3 million: Malibu, Silicon Beach, the Hollywood Hills, and Brentwood.<\/li>\n<li>Also, areas where buyers are budget-constrained are seeing an increase in price reductions, including South L.A. and the Eastside.<\/li>\n<li>Buyer fatigue remains for homes priced between $2 million and $3 million, with a continued increase in price reductions.<\/li>\n<li>Absorption rates, however, remain strong, with more absorption of affordable inventory in the Eastside, the North Valley, South L.A., Mid City, and Foothill Communities.<\/li>\n<\/ul>\n<p><em>Article Courtesy of Pacific Union International <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Los Angeles Housing Market Rebalances in July &#8211; Sales of Homes Between $1 Million &amp; $2 Million Have Picked Up Again July home sales \u2014 including single-family residences and condominiums \u2014 in greater central Los Angeles were down by 6 percent from last July, a smaller decline than in the previous two months. Sales of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5142,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-5129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/posts\/5129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/comments?post=5129"}],"version-history":[{"count":0,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/posts\/5129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/media\/5142"}],"wp:attachment":[{"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/media?parent=5129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/categories?post=5129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jurus.net\/juliemeggat\/wp-json\/wp\/v2\/tags?post=5129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}