July 2024: Los Angeles Market Update
July 12, 2024
July 12, 2024
July 2024: Los Angeles Market Update
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 sale. In addition, we are thrilled to announce the addition of two incredible agents to our Highland Premiere family: Victoria Mehrnia and Chuck Filliettaz. They have hit the ground running and will be servicing many of our newest listings. Be sure to read their bios below and say hi to them at their open houses.
During the past nine weeks, mortgage rates have hovered around 7%, currently standing at 6.89% for 30-year fixed mortgages per Freddie Mac. The MLS reports the median home sold price has also increased year-over-year in recent months, with a 4.7% rise in June 2024 in LA County. Higher interest rates and increasing home prices have made many buyers more cautious, slowing the market and increasing inventory by 9.9% in Los Angeles County from May to June 2024.
We have noticed that while some buyers are waiting for anticipated interest rate drops later this year (forecasts suggest rates will remain between 6-7% for the rest of the year), others are actively searching and seizing opportunities when the right homes become available in their target price range and criteria.
Especially in a dynamic real estate market, we are always here to guide and be of service to our wonderful community and extended network and answer all your real estate questions.
Stay up to date on the latest real estate trends.
October 7, 2024
As we enter October, the autumn season brings some uncertainty to the real estate market. Despite continually declining interest rates this summer, the Los Angeles rea… Read more
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
You’ve got questions and we can’t wait to answer them.
Highland Premiere Real Estate
12696 Millennium Drive
Los Angeles, CA 90094
DRE #01919746
DRE #01925833
