August 2024: Los Angeles Market Update
August 14, 2024
August 14, 2024
August 2024: Los Angeles Market Update
August brings positive news as mortgage rates have declined to its lowest rate in over a year, settling at 6.47% for a 30-year fixed mortgage, according to Freddie Mac. Over the past few weeks, we’ve observed increased interest from buyers in Los Angeles County, with higher foot traffic at weekend open houses and clients reengaging with lenders about financing opportunities. The number of homes sold has also risen by 3.9% from June to July 2024, according to the MLS.
The timing appears more favorable for buyers at the moment, with the average days on market increasing to around 40 days and inventory up by 10.5% per the MLS. We've noticed that while buyers are carefully assessing the real estate market, sellers are also taking advantage of the recent dip in interest rates to attract shoppers.
Overall, the Los Angeles seller’s market remains active, especially in prime neighborhoods. At Highland Premiere, we’ve been diligently serving our clients with great care- with five new listings in the past two weeks, and two already under contract, we’re seeing many clients undeterred by current market conditions, continuing to make savvy real estate investments for their futures.
Read our August Newsletter Here
Stay up to date on the latest real estate trends.
September 9, 2024
September brings continually declining mortgage rates, which remain flat at its lowest rate in over a year at 6.35% for the 30-year fixed mortgage. However, the decrea… Read more
August 14, 2024
August brings positive news as mortgage rates have declined to its lowest rate in over a year, settling at 6.47% for a 30-year fixed mortgage, according to Freddie Mac… Read more
July 12, 2024
Over the 4th of July holiday weekend, Highland Premiere was busy prepping many new listings to be launched this week! We will have a total of four new listings for sal… Read more
June 17, 2024
As we enter the summer season, the mortgage rates continue to hover around 7% for the past 5 weeks, landing at 6.99% for the 30-year fixed mortgages this past week. Ma… Read more
June 5, 2024
As we get into the crux of the spring home buying season, interest rates have dropped after a 5-week climb, from 7.22% to 7.06% for 30-year fixed mortgages. As buyers … Read more
April 15, 2024
As we entered April, the current landscape of the real estate market has evidently shifted. There are two movements at play: the increase of inventory and the decrease… Read more
February 5, 2024
The outlook for the 2024 housing market can probably be characterized in one word: Optimism. We are starting to see a lot more optimism this year already, coming out o… Read more
January 20, 2024
As we embrace 2024, it's a time for new beginnings, and the real estate landscape in Los Angeles and Orange County is no exception. We're thrilled to share that the ho… Read more
December 20, 2023
As we approach the end of the year, we find ourselves amidst a dynamic real estate landscape, with mortgage rates taking center stage in the recent weeks. Here's a qui… Read more
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Highland Premiere Real Estate
12696 Millennium Drive
Los Angeles, CA 90094
DRE #01919746
DRE #01925833
