December 2024: Los Angeles Market Update
December has brought festive holidays, cozy vibes and a deceleration of the residential real estate market in Los Angeles. As expected every holiday season, as Los Angeles residents focus their time, energy, and funds on their family and friends, the residential real estate market slows down. This year, the market stagnation was amplified by increasing interest rates throughout October and November. Consequently, the number of homes sold in Los Angeles decreased 16.7% from October 2024 to November 2024, according to the MLS. As many sellers also decided to list their homes after the holidays, the number of homes for sale decreased 0.6% from October to November 2024, according to the MLS, and we can expect the numbers to continue to fall throughout December. However, home buyers and sellers should not be discouraged as this is the expected yearly cycle. Mortgages rates have decreased the past 2 weeks, landing at 6.69% for the 30-year fixed mortgage per Freddie Mac. Additionally, the Fed has stated we can expect continued rate cuts throughout the next year, leading to a hopeful, prosperous market.
At Highland Premiere, we are feeling incredibly grateful as we reflect on the past year. Our success is wholly dependent on the amazing love and support from all our clients, community, family and friends. We had wonderful opportunities to give back and support our community and are ending our year sponsoring the Playa Vista Toy Drive. We are dedicated to expressing our gratitude more in the incoming year and are excited to celebrate our success with you. As always, we are always here to guide you through all your real estate needs, and you can always rely on Highland Premiere, the hardest working team in real estate.
Wishing everyone a very happy holiday season.
