July 2024: Los Angeles Market Update
Over the 4th of July holiday weekend, Highland Premiere was busy prepping many new listings to be launched this week! We will have a total of four new listings for sale. In addition, we are thrilled to announce the addition of two incredible agents to our Highland Premiere family: Victoria Mehrnia and Chuck Filliettaz. They have hit the ground running and will be servicing many of our newest listings. Be sure to read their bios below and say hi to them at their open houses.
During the past nine weeks, mortgage rates have hovered around 7%, currently standing at 6.89% for 30-year fixed mortgages per Freddie Mac. The MLS reports the median home sold price has also increased year-over-year in recent months, with a 4.7% rise in June 2024 in LA County. Higher interest rates and increasing home prices have made many buyers more cautious, slowing the market and increasing inventory by 9.9% in Los Angeles County from May to June 2024.
We have noticed that while some buyers are waiting for anticipated interest rate drops later this year (forecasts suggest rates will remain between 6-7% for the rest of the year), others are actively searching and seizing opportunities when the right homes become available in their target price range and criteria.
Especially in a dynamic real estate market, we are always here to guide and be of service to our wonderful community and extended network and answer all your real estate questions.
