June 2022 Micro Market Report
The median sale price for a home in Los Angeles County in June 2022 was $990,000. It was down very slightly from the previous month’s median sale price of $995,000, but still up 8.2% from June 2021. This could be a sign that the rising interest rates are starting to have a negative impact on sale prices.
In good news for buyers, there are actually more houses for sale in June 2022 than there were in May 2022 (11% more homes on the market, in fact). The number of closed sales increased as well. However, the housing inventory, while increasing, is still less than what was available a year ago. So, we can’t say that things are turning into a buyer’s market. Tight inventory will most likely keep prices from slipping too far, especially as many buyers are eager to buy something now and lock in a lower interest rate before they climb even higher.
Click here to read the full June 2022 Micro Report for Los Angeles, with statistics from neighborhoods and counties across Southern California.