Los Angeles Real Estate Market: Prices And Forecast 2022

Abstract

Despite the fact that Southern California's median house price normally rises between May and June, it declined from the median price of the previous month when it was $845,000. The Los Angeles county also recorded a YTY sales decline of -20.6% and an MTM decline of 3.0%. The median sales price in LA county was $860,230, up 7.7% MTM and 8.1% YTY. Orange County's sales decreased by 36.1 percent over the previous year. In June 2022, the median list price of homes in Los Angeles County was $860K, trending up 5% year-over-year. The median listing price per square foot was $573. The median price of sold homes was $860,000. The sale-to-List Price Ratio was 101.89%, which means that homes in Los Angeles sold for 1.89% above the asking price on average. Are Home Prices Going to Drop in Southern California? C.A.R.'s June 2022 resale housing report shows that in Los Angeles County, homes are still moving fast. The sale price to list price ratio in LA is 102.5%. In June 2021, it was 104.7% and in May 2022, it was 104.2%. However, the rising mortgage rates in 2022 may lead to less number of buyers bidding up the prices of homes.