Sharp drop in L.A. listing prices

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For the fifth week in a row, median listing prices in the greater L.A. area dropped, this time by $3,000, according to Housing Tracker’s analysis of MLS listings.

Stats: Median listing price dropped to $525,000, a decline of $14,000 since early July, and 7.9% over the past year. Inventory spiked again, rising by more than 600 listings to 45,168 listings.

Date Median Price Inventory
4/16 $545,000 35,489
5/14 $545,000 38,297
6/11 $540,000 40,766 (up 20.4% y/y)
7/16 $535,000 42,685 (up 14.5% y/y)
7/23 $535,000 43,225 (Up 14.5% y/y)
7/30 $530,000 43,676 (Up 14.0% y/y)
8/6 $529,900 43,989 (Up 14.1% y/y)
8/13 $529,000 44,483 (Up 13.6% y/y)
8/20 $528,000 44,451 (Up 13.0% y/y)
8/27 $525,000 45,168 (Up 13.2% y/y)

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Photo Credit: Reuters