August 2024: Los Angeles Market Update

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