LA Real Estate Market Update - March 2022
California just turned in its first 2022 housing market report card and it suggested that the momentum from the past two years was being carried forward into the new year. It is encouraging to see a buoyant market in January, with buyers returning from the holiday season to take advantage of the still favorable lending environment before rates climb further.
However, despite the positive signs, the recent surge in interest rates and the lingering supply shortages in home building remains concerning to the market, as it could create affordability challenges for buyers and curtail demand later this year.
The California Housing Market Remains Resilient Despite Rising Rates: The California housing market kicked off the new year with a bounce back from a 4-month low, with sales of existing single-family registering a month-to-month increase of 3.4% in January.
California home prices continued to decelerate as the seasonal slowdown continued, with the statewide median price declining 3.8% from December to $765,580 in January, but still up from a year ago by 9.4%.
Experts are still predicting rising home prices, just not at the same rate as the previous couple years.
Median Prices of Homes in Februrary 2002
Santa Monica - Condo / 2bd + $1.52M Home – 3bd + $3.45M
Brentwood – Condo /2bd + $1.327M Home 3bd + - $4.55M
Beverly Center / Miracle Mile – Condo 2bd+ - $975K Home 3bd + $3M
Studio City – Condo 2bd + $866K Home 3bd + $2.49M
Los Feliz – Condo 2 bd+ $880K Home – 3bd+ - $3.42M
Sources: MLS CLAW / California Association of Realtors (CAR)