February 2025: Los Angeles Market Update
As we enter February, we are mindful of the effects of the devastating January wildfires on our Los Angeles neighbors and communities. Members of the Los Angeles real estate industry have banded together to assist displaced residents with temporary housing, stimulating the lease market. Higher interest rates and the holidays also led the number of homes sold to decrease 35.4% from December 2024 to January 2025, per the MLS. Additionally, mortgages rates have been stable over the last month, landing at 6.89% for the 30YR fixed rate mortgage. Much of the Los Angeles real estate landscape is expected to change in the coming months as displaced residents will learn of their potential options regarding rebuilding or relocating. With many potentially choosing the latter option, competition amongst buyers may increase.
During these uncertain and unprecedented times, we at Highland Premiere are more dedicated than ever in guiding our community with integrity and care, and we had the pleasure of adding an agent to our Highland Premiere family who deeply matches our ethos. Adam Kang is local to Playa Vista and services South Bay and the Westside. Adam is deeply committed to both his clients and his community, and few will find an agent more genuine and knowledgeable than him.
No matter where you are in your real estate journey, we are always here to help.
