June 2024: Los Angeles Market Update
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. Many buyers are adapting to the new norm and continue to make savvy real estate moves, taking advantage of the increased inventory. The number of homes listed in Los Angeles increased by 15.4% from April to May.
The Los Angeles real estate market is expected to remain active and competitive throughout the second half of 2024. Just as we saw earlier this year, homes in prime neighborhoods will continue to be in high demand and go into multiple offers. We encourage you to not wait to start your real estate journey. At Highland Premiere, we are always available to help you understand the ins and outs of the real estate process and look forward to helping you find the best deals in today's market.
