"In February, the median list price in Los Angeles fell 9.3% year-over-year to $1,171,700, far outpacing the national dip of just 2.1%. The share of listings with price reductions climbed to 13.2%, indicating sellers are adjusting to market conditions."
"Active inventory rose 6.7% year-over-year to 2,869 homes in February, while new listings actually fell 13.7%. Homes aren't selling as fast, leading to a quiet accumulation of supply."
"The typical home spent 45 days on the market in February, a 15.4% increase from 39 days a year ago, providing buyers with more time to make decisions."
In February 2023, Los Angeles real estate showed signs of a shifting market. Prices fell 9.3% year-over-year, with a median list price of $1,171,700. Active inventory increased by 6.7%, but new listings decreased by 13.7%. Homes took longer to sell, averaging 45 days on the market, a significant increase from the previous year. The market remains competitive, but buyers have more options and leverage than in recent years, as sellers adjust their pricing strategies to attract buyers.
Read at SFGATE
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