Prices Down, Supply Low in January

Buying a house in Los Angeles County got ever-so-slightly cheaper in January, according to a new report out this week from real estate analyst CoreLogic. The median sale price for the month dropped from $570,000 in December to $565,000—a reduction of almost 1%. Median prices are still $40,000 higher than they were a year ago, suggesting that the area’s housing market is still on the upswing. One of our listings (pictured here) near the county’s median price point went into a fast-and-furious multiple offering this week and settled-out around 5% over asking price due to buyer demand.

Across all of Southern California, January’s median price of $507,000 was 0.5% lower than the December median of $509,500—an all-time high for the region. The slight dip in value isn’t unexpected; prices typically drop by about 2.8% between December and January.

More data from the report: In January, 4,847 homes changed hands in L.A. County, down from 6,613 in December and 5,188 in January of 2017. CoreLogic predicts low supply will continue to keep prices high, “barring an economic downturn.”