{"id":51867,"date":"2016-07-21T04:50:26","date_gmt":"2016-07-21T11:50:26","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=51867"},"modified":"2020-10-06T10:43:43","modified_gmt":"2020-10-06T17:43:43","slug":"even-with-increasing-inventory-los-angeles-homebuyers-continue-to-struggle","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/even-with-increasing-inventory-los-angeles-homebuyers-continue-to-struggle\/","title":{"rendered":"Even With Increasing Housing Supply, L.A. Homebuyers Continue to Struggle"},"content":{"rendered":"

Home prices in the city of <\/span>Los Angeles<\/span><\/a> rose 7.3 percent in June from a year earlier to $590,000, down slightly from last month\u2019s high-water mark of $600,000. Home sales remained tepid in June, increasing just 2.0 percent over last year.<\/span><\/p>\n

\"L.A.<\/figure>\n
\"L.A.<\/figure>\n

While new listings were up 7.7 percent since last June and overall supply continued a six-month run of annual growth, L.A. homebuyers continued to struggle with a lack of options. In June there were 2.4 months of supply available. Six months of supply typically signals a balanced market, which L.A. has not enjoyed since February of 2011. <\/span><\/p>\n

\"L.A.<\/figure>\n

Even in the face of robust price growth, competition has continued to increase. Forty-two percent of homes sold in June went for more than the asking price and the average sale-to-list ratio came in at 100.2 percent – the highest level recorded since October 2013.<\/span><\/p>\n

\u201cIt\u2019s not breaking news that there is a housing supply shortage in L.A.,\u201d said Redfin <\/span>real estate agent<\/span><\/a> Anthony Altieri. \u201cWhile the dream of a perfectly remodeled midcentury home in Silver Lake, for instance, is out of reach for many buyers, \u00a0there are options for those whose primary goal is getting a home under contract while mortgage rates are still so low. If you\u2019re willing to consider a fixer-upper or even purchase a condo instead, you can typically buy at a much lower premium and face a lot less competition.\u201d<\/span><\/p>\n

Area Trends and Hot Neighborhoods<\/h3>\n

Prices are still rising on the Westside, with the median in sale price this June holding strong at $1.22 million dollars, up 11 percent from last year. Competition remains highest on the Eastside, where 51 percent of all home sold in June went for more than the asking price. With the typical home selling within 20 days, the Eastside was also the fastest market compared with the Westside, South L.A. and the Valley.<\/span><\/p>\n

With the housing affordability crisis in L.A. seeming interminable, this month we took a look at trends in the condominium market to see where buyers may still find a reasonably priced home in a desirable neighborhood. Of the neighborhoods we tracked in June, here are the ones where condos are still relatively affordable:<\/span><\/p>\n