May 2024: Los Angeles Market Update

May 2024: Los Angeles Market Update

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 are feeling optimistic, the market continues to remain busy. In Los Angeles County, the number of homes sold increased 4.9% from March to April and average days on the market decreased 7.9% as buyers are making quick and smart real estate moves. Sellers are also looking to take advantage of the active real estate market as the number of homes listed increased 14.9%.

Homes in prime neighborhoods are continuously going into multiple offers, and at Highland Premiere, our top agents have skillfully and successfully navigated our buyers through the tough current market. Despite the low inventory, we have successfully closed on multiple homes for our buyers. For our sellers, we have successfully sold their homes at premium prices throughout the month of April.

Even in current times, there are incredible real estate deals to be found, and at Highland Premiere, we are always ready to guide you through these dynamic times. We ensure you will have the best team at your disposal to find exclusive opportunities and negotiate the best deals. Our clients are our family, and we guarantee we will guide you with great care and knowledge. We are always here to assist, so please do not hesitate to reach out if you are ready to start your real estate journey.