November 2024: Los Angeles Market Update
October was an exciting month for both our clients and team. Many of our clients took advantage of the lower mortgage rates and closed or locked in their properties prior to rates increasing during the past 6 weeks. Many in Los Angeles also took advantage of the increased inventory and made smart real estate investments leading to a 10.5% increase in the number of homes sold from September 2024 to October 2024 per the MLS. This has been the first percentage increase for the past five months. However, there is some uncertainty as we enter November with mortgage rates increasing to 6.79% this week for the 30-year fixed mortgage per Freddie Mac. Even with inventory in Los Angeles increasing 11.2% from September 2024 to October 2024 per the MLS, we expect some buyers may feel hesitant to purchase until they see the effects of the Fed’s November 07, 2024 rate cut. As we all begin leaning into the cozy holiday season, we do anticipate the number of homes sold to decrease, but that does not mean there are not great real estate deals to be found. You can always rely on us, the hardest working team in real estate, to guide you every step of the way during every month of the year.
Autumn typically brings more opportunity for our team to connect with our community. We had the most fun celebrating Halloween at the Playa Vista Elementary School Boo Bash and the Playa Vista Monster Dash 5K and look forward to creating more holiday memories with our community during the last months of the year. We are also especially thankful for our wonderful community and amazing team for all the love and support for an incredibly successful year so far.
