Posted: 12/13/24 | Source: California Association of Realtors
California’s housing market in October showed a mix of ups and downs. Statewide, fewer homes were sold compared to September, and the average price of a home also dropped slightly. However, compared to this time last year, both the number of homes sold and the prices are higher, showing some long-term growth. Los Angeles County followed a similar trend, with a small dip in sales and prices compared to September but solid improvements over last year. This suggests the market is stable overall, even if it’s cooling slightly month-to-month.
What Happened in California:
- Across the state, about 253,000 homes were sold in October, fewer than in September, but more than last year.
- The typical home price in California was $868,150, down slightly from last month but higher than it was a year ago.
- These numbers suggest that while the market has slowed a little in the short term, it’s still stronger than it was last year.
What’s Going on in Los Angeles:
- In LA County, the median home price was $850,000 in October. That’s $10,000 less than September but $30,000 more than October last year.
- About 5,500 homes were sold in LA County, a little fewer than in September, but 250 more than this time last year.
- While the number of sales and prices dropped slightly compared to last month, the long-term picture looks positive with steady growth compared to last year.
Why This Matters:
The slight dip from last month is not unusual for this time of year, as the housing market often slows in the fall. But the year-over-year increases show that demand remains strong, especially in Los Angeles. This means the market is still competitive, and buyers may face higher prices than they did last year, though the slower pace could give them more breathing room. For sellers, it’s still a good time to list, as prices are holding steady and demand remains solid.
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