October 2024: Los Angeles Market Update
As we enter October, the autumn season brings some uncertainty to the real estate market. Despite continually declining interest rates this summer, the Los Angeles real estate market was less stimulated than previous years. Per the MLS, inventory increased 10.6% from August 2024 to September 2024 while the number of homes sold decreased 19.2%. Buyers also remained vigilant to engage in only the best real estate deals with the best rates and terms. Even with mortgage rates falling an entire one and a half percentage points in the last year, Buyers continued to hope for even further rate declines. Despite a slight increase in this week’s mortgage rates landing at 6.12% for the 30-year fixed mortgage, the anticipation of additional rate cuts, the deceleration of home price growth and the increasing inventory provide an interesting landscape for Los Angeles and Orange County homebuyers this quarter.
