{"id":52692,"date":"2016-08-18T04:50:54","date_gmt":"2016-08-18T11:50:54","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=52692"},"modified":"2020-10-06T10:43:38","modified_gmt":"2020-10-06T17:43:38","slug":"embattled-l-a-homebuyers-step-back-from-high-prices-and-competition","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/embattled-l-a-homebuyers-step-back-from-high-prices-and-competition\/","title":{"rendered":"Embattled L.A. Homebuyers Step Back from High Prices and Competition"},"content":{"rendered":"

Home prices in the city of Los Angeles<\/span><\/a> rose 7.1 percent in July from a year earlier to $600,000 \u2013 nearly double the price buyers were paying for an L.A. home five years ago. Home sales declined significantly, falling 9.3 percent compared to last July, mirroring a nationwide trend of declining sales activity. Redfin analysts estimate that the large drop in sales is at least partially due to the way the calendar was laid out<\/a>, with a below-average number of business days this July and an above-average number last July. Just the fact that there were fewer days for closings to take place is estimated to have contributed to a 7.5 percent drop in sales nationwide.\u00a0<\/span><\/p>\n

\"LA<\/figure>\n
\"LA<\/figure>\n

The number of homes for sale continued its upward trend in July as inventory increased 12.4 percent from last year. Although the number of homes for sale has increased substantially, there still remains a scant 2.7 months of supply. Although six months of housing supply is considered balanced, the housing stock has fluctuated between 1.5 and just over three months of supply since 2012 when the recovery began to pick up steam. <\/span><\/p>\n

\"LA<\/figure>\n

New listings grew by only 4 percent over last year (about 200 homes more than one year ago), yet there were about 7,200 homes for sale overall in July, the largest number of homes for sale in L.A. since June 2012. At the same time, the median asking price in June, when many offers that eventually close in July are made, was $650,000, the highest median list price on record since Redfin began tracking this data in 2009. <\/span>Homes sat on the market for about 30 days, a full week longer than the same period last year.<\/span><\/p>\n

\u201cIt\u2019s gotten to the point in L.A. where sellers are asking too much and buyers are getting fed up,\u201d said Redfin real estate agent Nikki Kilmer. \u201cMany homes that hit the market in May and June are still sitting at a price many buyers aren\u2019t willing to pay. There\u2019s a sense in the market that the tables are about to turn-\u2013as the summer comes to a close those buyers who aren\u2019t in a rush are poised to benefit from less competition and more flexible sellers in the fall.\u201d<\/span><\/p>\n

Area Trends and Hot Neighborhoods<\/b><\/p>\n

The fastest markets were Fox Hills<\/a> and Eagle Rock<\/a>, where the typical home sold in 13 and 17 days respectively<\/span>. Tarzana<\/a> and Brentwood<\/a> both saw the largest annual price increases of the neighborhoods Redfin tracks. Prices climbed 37.8 percent in Tarzana to a median sale price of $675,000 and by 36.5 percent in Brentwood to $1,825,000.<\/span><\/p>\n

There was a handful of neighborhoods in July where more than 50 percent of the homes sold for more than the asking price. But more than 60 percent of homes sold in Fox Hills and Crenshaw<\/a> sold above list. It\u2019s no coincidence that both of these neighborhoods are centrally located in L.A. and have median sale prices below $500,000. <\/span><\/p>\n

Here\u2019s what\u2019s happening in your neighborhood:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Place<\/th>\nMedian Sale Price<\/th>\nYear-Over-Year<\/th>\nHomes Sold<\/th>\nYear-Over-Year<\/th>\nInventory<\/th>\nYear-Over-Year<\/th>\nNew Listings<\/th>\nMedian Days on Market<\/th>\nAvg Sale-to-List<\/th>\n<\/tr>\n<\/thead>\n
Beverly Glen<\/a><\/td>\n$1,482,500<\/td>\n-3.1%<\/td>\n14<\/td>\n-36.4%<\/td>\n44<\/td>\n41.9%<\/td>\n39<\/td>\n26<\/td>\n100.2%<\/td>\n<\/tr>\n
Beverly Hills Post Office<\/a><\/td>\n$2,130,000<\/td>\n18.3%<\/td>\n45<\/td>\n-30.8%<\/td>\n128<\/td>\n21.9%<\/td>\n111<\/td>\n43<\/td>\n98.2%<\/td>\n<\/tr>\n
Brentwood<\/a><\/td>\n$1,825,000<\/td>\n36.4%<\/td>\n127<\/td>\n-13.0%<\/td>\n132<\/td>\n3.9%<\/td>\n172<\/td>\n26<\/td>\n100.0%<\/td>\n<\/tr>\n
Central LA<\/a><\/td>\n$845,000<\/td>\n5.6%<\/td>\n987<\/td>\n-4.5%<\/td>\n1,072<\/td>\n9.6%<\/td>\n1,431<\/td>\n32<\/td>\n99.1%<\/td>\n<\/tr>\n
Century City<\/a><\/td>\n$1,047,000<\/td>\n19.7%<\/td>\n72<\/td>\n-25.8%<\/td>\n85<\/td>\n-15.0%<\/td>\n109<\/td>\n23<\/td>\n99.7%<\/td>\n<\/tr>\n
Chatsworth<\/a><\/td>\n$535,000<\/td>\n-2.9%<\/td>\n116<\/td>\n5.5%<\/td>\n90<\/td>\n38.5%<\/td>\n137<\/td>\n34<\/td>\n99.7%<\/td>\n<\/tr>\n
Cheviot Hills<\/a><\/td>\n$1,925,000<\/td>\n14.6%<\/td>\n25<\/td>\n-7.4%<\/td>\n19<\/td>\n111.1%<\/td>\n35<\/td>\n38<\/td>\n97.7%<\/td>\n<\/tr>\n
Crenshaw<\/a><\/td>\n$477,500<\/td>\n2.0%<\/td>\n40<\/td>\n-21.6%<\/td>\n19<\/td>\n-13.6%<\/td>\n39<\/td>\n25<\/td>\n104.1%<\/td>\n<\/tr>\n
Eagle Rock<\/a><\/td>\n$750,000<\/td>\n11.6%<\/td>\n101<\/td>\n-1.9%<\/td>\n72<\/td>\n18.0%<\/td>\n123<\/td>\n17<\/td>\n102.7%<\/td>\n<\/tr>\n
East LA<\/a><\/td>\n$650,000<\/td>\n13.0%<\/td>\n629<\/td>\n-3.8%<\/td>\n496<\/td>\n16.4%<\/td>\n866<\/td>\n20<\/td>\n102.3%<\/td>\n<\/tr>\n
Encino<\/a><\/td>\n$940,000<\/td>\n20.5%<\/td>\n203<\/td>\n-11.0%<\/td>\n202<\/td>\n1.0%<\/td>\n270<\/td>\n38<\/td>\n98.7%<\/td>\n<\/tr>\n
Fox Hills<\/a><\/td>\n$471,000<\/td>\n8.3%<\/td>\n29<\/td>\n-21.6%<\/td>\n12<\/td>\n33.3%<\/td>\n32<\/td>\n13<\/td>\n102.4%<\/td>\n<\/tr>\n
Glassell Park<\/a><\/td>\n$712,500<\/td>\n12.1%<\/td>\n40<\/td>\n-28.6%<\/td>\n35<\/td>\n16.7%<\/td>\n53<\/td>\n19<\/td>\n103.4%<\/td>\n<\/tr>\n
Greater Echo Park Elysian<\/a><\/td>\n$795,000<\/td>\n16.9%<\/td>\n57<\/td>\n7.5%<\/td>\n57<\/td>\n9.6%<\/td>\n83<\/td>\n29<\/td>\n100.4%<\/td>\n<\/tr>\n
Hancock Park<\/a><\/td>\n$1,612,500<\/td>\n7.1%<\/td>\n26<\/td>\n62.5%<\/td>\n31<\/td>\n93.8%<\/td>\n33<\/td>\n21<\/td>\n99.0%<\/td>\n<\/tr>\n
Highland Park<\/a><\/td>\n$687,000<\/td>\n18.4%<\/td>\n103<\/td>\n-16.3%<\/td>\n61<\/td>\n19.6%<\/td>\n128<\/td>\n20<\/td>\n103.7%<\/td>\n<\/tr>\n
Hollywood<\/a><\/td>\n$689,000<\/td>\n-0.1%<\/td>\n89<\/td>\n-16.8%<\/td>\n88<\/td>\n20.6%<\/td>\n115<\/td>\n29<\/td>\n98.9%<\/td>\n<\/tr>\n
Hollywood Hills West<\/a><\/td>\n$875,000<\/td>\n-25.2%<\/td>\n119<\/td>\n-21.7%<\/td>\n174<\/td>\n23.4%<\/td>\n199<\/td>\n29<\/td>\n99.5%<\/td>\n<\/tr>\n
Holmby Hills<\/a><\/td>\n$870,000<\/td>\n18.1%<\/td>\n9<\/td>\n50.0%<\/td>\n9<\/td>\n12.5%<\/td>\n8<\/td>\n37<\/td>\n96.4%<\/td>\n<\/tr>\n
Lake Balboa<\/a><\/td>\n$535,000<\/td>\n11.5%<\/td>\n105<\/td>\n-16.0%<\/td>\n76<\/td>\n22.6%<\/td>\n137<\/td>\n34<\/td>\n100.7%<\/td>\n<\/tr>\n
Malibu<\/a><\/td>\n$2,195,000<\/td>\n17.1%<\/td>\n25<\/td>\n-10.7%<\/td>\n246<\/td>\n8.8%<\/td>\n45<\/td>\n75<\/td>\n93.7%<\/td>\n<\/tr>\n
Marina del Rey<\/a><\/td>\n$865,000<\/td>\n5.9%<\/td>\n103<\/td>\n10.8%<\/td>\n69<\/td>\n35.3%<\/td>\n117<\/td>\n23<\/td>\n100.3%<\/td>\n<\/tr>\n
Mid-City<\/a><\/td>\n$825,000<\/td>\n-2.2%<\/td>\n163<\/td>\n6.5%<\/td>\n135<\/td>\n3.9%<\/td>\n205<\/td>\n35<\/td>\n100.0%<\/td>\n<\/tr>\n
Mount Washington<\/a><\/td>\n$700,000<\/td>\n1.0%<\/td>\n29<\/td>\n-27.5%<\/td>\n36<\/td>\n89.5%<\/td>\n49<\/td>\n21<\/td>\n102.6%<\/td>\n<\/tr>\n
North Hollywood<\/a><\/td>\n$505,000<\/td>\n8.6%<\/td>\n159<\/td>\n-7.0%<\/td>\n125<\/td>\n31.6%<\/td>\n189<\/td>\n33<\/td>\n100.2%<\/td>\n<\/tr>\n
Northwest San Pedro<\/a><\/td>\n$509,250<\/td>\n9.8%<\/td>\n100<\/td>\n-7.4%<\/td>\n70<\/td>\n-11.4%<\/td>\n123<\/td>\n34<\/td>\n99.5%<\/td>\n<\/tr>\n
Pacoima<\/a><\/td>\n$397,500<\/td>\n13.6%<\/td>\n80<\/td>\n-9.1%<\/td>\n45<\/td>\n2.3%<\/td>\n106<\/td>\n20<\/td>\n99.7%<\/td>\n<\/tr>\n
Panorama City<\/a><\/td>\n$390,000<\/td>\n27.9%<\/td>\n79<\/td>\n8.2%<\/td>\n50<\/td>\n4.2%<\/td>\n103<\/td>\n30<\/td>\n100.8%<\/td>\n<\/tr>\n
Pasadena<\/a><\/td>\n$741,500<\/td>\n9.6%<\/td>\n180<\/td>\n-10.9%<\/td>\n458<\/td>\n28.3%<\/td>\n224<\/td>\n18<\/td>\n101.5%<\/td>\n<\/tr>\n
Santa Monica<\/a><\/td>\n$1,257,500<\/td>\n-9.5%<\/td>\n62<\/td>\n-27.1%<\/td>\n145<\/td>\n-5.8%<\/td>\n78<\/td>\n19<\/td>\n99.6%<\/td>\n<\/tr>\n
Sherman Oaks<\/a><\/td>\n$797,500<\/td>\n6.5%<\/td>\n274<\/td>\n-2.1%<\/td>\n268<\/td>\n33.3%<\/td>\n366<\/td>\n36<\/td>\n99.4%<\/td>\n<\/tr>\n
Silver Lake<\/a><\/td>\n$984,500<\/td>\n7.6%<\/td>\n79<\/td>\n16.2%<\/td>\n48<\/td>\n4.3%<\/td>\n112<\/td>\n19<\/td>\n104.3%<\/td>\n<\/tr>\n
South LA<\/a><\/td>\n$409,750<\/td>\n12.3%<\/td>\n976<\/td>\n-4.5%<\/td>\n862<\/td>\n-3.9%<\/td>\n1,307<\/td>\n32<\/td>\n100.5%<\/td>\n<\/tr>\n
South Valley<\/a><\/td>\n$581,000<\/td>\n8.2%<\/td>\n1,924<\/td>\n0.3%<\/td>\n1,658<\/td>\n24.6%<\/td>\n2,597<\/td>\n34<\/td>\n99.5%<\/td>\n<\/tr>\n
Studio City<\/a><\/td>\n$1,000,000<\/td>\n4.2%<\/td>\n159<\/td>\n-5.9%<\/td>\n177<\/td>\n29.2%<\/td>\n242<\/td>\n27<\/td>\n100.1%<\/td>\n<\/tr>\n
Sun Valley<\/a><\/td>\n$475,000<\/td>\n14.5%<\/td>\n91<\/td>\n11.0%<\/td>\n65<\/td>\n30.0%<\/td>\n107<\/td>\n22<\/td>\n100.4%<\/td>\n<\/tr>\n
Sylmar<\/a><\/td>\n$437,500<\/td>\n8.0%<\/td>\n170<\/td>\n-9.1%<\/td>\n131<\/td>\n32.3%<\/td>\n236<\/td>\n28<\/td>\n100.4%<\/td>\n<\/tr>\n
Tarzana<\/a><\/td>\n$675,000<\/td>\n37.8%<\/td>\n135<\/td>\n6.3%<\/td>\n150<\/td>\n10.3%<\/td>\n220<\/td>\n40<\/td>\n98.5%<\/td>\n<\/tr>\n
Valley Village<\/a><\/td>\n$844,948<\/td>\n13.4%<\/td>\n86<\/td>\n50.9%<\/td>\n42<\/td>\n61.5%<\/td>\n92<\/td>\n29<\/td>\n100.3%<\/td>\n<\/tr>\n
Van Nuys<\/a><\/td>\n$493,750<\/td>\n11.7%<\/td>\n104<\/td>\n19.5%<\/td>\n64<\/td>\n-3.0%<\/td>\n127<\/td>\n30<\/td>\n100.0%<\/td>\n<\/tr>\n
Venice<\/a><\/td>\n$1,500,000<\/td>\n-1.6%<\/td>\n149<\/td>\n21.1%<\/td>\n141<\/td>\n-2.1%<\/td>\n185<\/td>\n30<\/td>\n98.6%<\/td>\n<\/tr>\n
Watts<\/a><\/td>\n$285,000<\/td>\n6.3%<\/td>\n66<\/td>\n3.1%<\/td>\n67<\/td>\n-1.5%<\/td>\n90<\/td>\n38<\/td>\n99.2%<\/td>\n<\/tr>\n
West Adams<\/a><\/td>\n$590,000<\/td>\n19.2%<\/td>\n51<\/td>\n-3.8%<\/td>\n28<\/td>\n-12.5%<\/td>\n61<\/td>\n20<\/td>\n102.9%<\/td>\n<\/tr>\n
West Long Beach<\/a><\/td>\n$360,000<\/td>\n4.3%<\/td>\n33<\/td>\n-29.8%<\/td>\n44<\/td>\n29.4%<\/td>\n65<\/td>\n32<\/td>\n98.7%<\/td>\n<\/tr>\n
West Los Angeles<\/a><\/td>\n$1,245,000<\/td>\n11.7%<\/td>\n1,729<\/td>\n-6.7%<\/td>\n1,624<\/td>\n9.7%<\/td>\n2,310<\/td>\n22<\/td>\n100.2%<\/td>\n<\/tr>\n
Westwood<\/a><\/td>\n$927,500<\/td>\n13.8%<\/td>\n138<\/td>\n5.3%<\/td>\n114<\/td>\n-9.5%<\/td>\n167<\/td>\n29<\/td>\n99.3%<\/td>\n<\/tr>\n
Woodland Hills<\/a><\/td>\n$697,000<\/td>\n6.3%<\/td>\n282<\/td>\n4.8%<\/td>\n300<\/td>\n68.5%<\/td>\n446<\/td>\n35<\/td>\n98.7%<\/td>\n<\/tr>\n
Los Angeles, CA<\/b><\/td>\n$600,000<\/td>\n7.1%<\/td>\n2,664<\/td>\n-9.3%<\/td>\n7,252<\/td>\n12.3%<\/td>\n3,726<\/td>\n30<\/td>\n100.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

See Redfin\u2019s<\/span> data center<\/span><\/a> to find out what\u2019s happening in other cities.<\/span><\/p>\n

NOTE: Not all neighborhoods are listed, but totals for L.A. encompass entire city. Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over the three months ended July 31. Inventory measures listings active as of July 31.<\/span><\/p>\n

For more information, contact Redfin journalist services<\/span><\/p>\n

Phone: 206-588-6863<\/span><\/p>\n

Email: press@redfin.com<\/span><\/p>\n

To be added to Redfin\u2019s press release distribution list, <\/span>subscribe here.<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Home prices in the city of Los Angeles rose 7.1 percent in July from a year earlier to $600,000 \u2013 nearly double the price buyers were paying for an L.A. home five years ago.<\/p>\n","protected":false},"author":13253,"featured_media":53489,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[68],"coauthors":[],"class_list":["post-52692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional-trends","tag-local"],"acf":[],"yoast_head":"\nEmbattled L.A. 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