September 2024: Los Angeles Market Update
September brings continually declining mortgage rates, which remain flat at its lowest rate in over a year at 6.35% for the 30-year fixed mortgage. However, the decreasing interest rates have not improved summer home sales with the numbers of homes sold in Los Angeles decreasing 1.8% and inventory increasing 7.2% from July 2024 to August 2024, according to the MLS. Buyers have been extremely cautious this summer, ensuring to engage in only the best real estate deals. As such, many of our clients eagerly await the outcome of the Fed’s meeting next week and its impact on mortgage rates to determine their next real estate decision.
Despite a slower summer for some, we have been staying busy at Highland Premiere with 5 closings the past 2 weeks. We have also been servicing our many sellers with 6 listings in Los Angeles within the past month. In such a dynamic real estate market, it is important to work with the best real estate team to find the best deals in a desired city, such as Los Angeles.
Overall, the seller’s market remains active as they prepare for the potential influx of buyers. And at Highland Premiere, we are always prepared to serve our clients, no matter where they are in their real estate journey. We are always here for when you are ready to work with the hardest working team in real estate.
