March Madness: 

Housing Market's Misstep,  But Don't Bet Against the Comeback Kid 

The California housing market hit a snag in March, with sales taking a dip on a year-over-year basis for the first time in three months. After a double-shot of increases in January and February, things cooled off a bit. Blame it on a smidge of interest rate bump and a surplus of inventory. But hey, surprise surprise, we still managed to notch a year-over-year gain! Talk about the Los Angeles Real Estate Market being a freight train – it's full steam ahead, baby!

“With mortgage rates reaching the highest levels since mid-November 2023, the housing market struggled to build on the momentum exhibited in the first two months of this year. While sales could be hindered by higher rates in the coming weeks, the uptick in recent months suggests that we could see a bounce back in housing activity when the market digests the latest inflation report.” ,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine

Even though home sales took a breather in March, the market's still in the ring, gloves up and swinging. Statewide median home prices punched through to their highest level in seven months, and homes were flying off the shelves quicker than last year. Plus, on the supply side, sellers are becoming more and more optimistic, with more properties jumping into the market like freshly sprouted flowers from these Spring rains. Looks like folks are finally embracing the "new normal."

“While home sales lost momentum in March, the housing market remains competitive as we’re seeing the statewide median home price reaching the highest level in seven months, and homes selling quicker than last year, On the supply side, the market continues to improve with an increasing number of properties being listed on the market as more sellers begin to accept the new normal.” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. 

Zooming in on Los Angeles County, the median price flexed its muscles with a beefy year-over-year gain of 7.16 percent in March. That's right, the Golden State's been on a price hike marathon, clocking in nine straight months of annual increases. It's like March was the 11th inning of a nail-biting game, with the median price for existing single-family homes racking up another win. Hold onto your hats, because homes priced at $1m or more in California, They're playing in a league of their own, showing off a slick 9.9 percent year-over-year growth in March!

Sure, mortgage rates hit their highest notes since mid-November 2023 and put a dent in the housing market's swagger, but the pent-up demand and buyers on the side-line hint at a comeback once the market chews up the latest inflation report. It's like the housing market's taking a breather, but you know it's just gearing up for an epic comeback. Strap in, folks, 'cause this rollercoaster ride's far from over!

And now for the latest data on Los Angeles County real estate trends:

Single family homes  |  Los Angeles County | March 2024

New Listings: 3,612 (Down 4.04% year over year)

Homes Sold: 2,691 (Down 12.35% year over year)

Median List Price: $939,000 (Up  5.74% year over year)

Median Sales Price: $950,000 (Up 7.16% year over year)

Median Days on Market:  15 (Down 28.57% year over year)

Average List Price: $1,412,614 (Down 7.63% year over year)

Average Sales Price: $1,407,190 (Down 5.91% year over year)

Average Days on Market: 34 (Down 20.93% year over year)

List/Sell Price Ratio: 101.3% (Up 1.27% year over year)

Condo homes  | Los Angeles County | March 2024

New Listings: 1,466 (Up 3.17% year over year)

Homes Sold: 1,038 (Down 5.55% year over year)

Median List Price: $695,000 (Up 3.04% year over year)

Median Sales Price: $700,000 (Up 5.26% year over year)

Median Days on Market: 18 (Down 10% year over year)

Average List Price:  $831,636 (Down 4.04% year over year)

Average Sales Price: $832,569 (Down 2.83% year over year)

Average Days on Market: 38 (Down 7.32% year over year)

List/Sell Price Ratio: 100.6 (Up .98% year over year)