The Fed just announced it was accelerating its timetable for withdrawal of support for the economy such that interest rates may be rising in the first half of 2022 – see WSJ article here: https://on.wsj.com/3GcVV43. Previously, guidance was that interest rates might rise in the second half of 2022. If you are in the market to either buy or sell, you may want to do so before rising interest rates impact housing prices.
Some other stats for the L.A. County-wide housing market at the moment:
- Inventory is at a 12 month low, with a 1.5 month supply of homes.
- Pricing has leveled off county-wide, although specific areas vary (see below).
- Number of days a house stays on the market held steady at 12.
While pricing has leveled off and in some specific markets has declined a little, low inventory still tilts towards a seller’s market. However, from a buyer’s perspective, since interest rates are still low, it still may make sense to buy now, especially if you plan to stay in the property long-term or are seeking an investment or vacation property.
Information on price trends for some specific markets in both the San Fernando Valley and the Westside area are below – each market shows a breakdown of pricing for single family homes, condos and townhouses. If you are interested in stats for a market not listed here, please let me know and I can send it along:
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