LA listing prices sink by $2,000

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Good afternoon. Listing prices in greater LA slipped again in the past week, with the median asking price dropping $2,000, to $517,000, according to Housing Tracker’s analysis of MLS listings.

The median listing price is down 7.7% over the past year, but much of that drop -- 5.8% -- came in the past six months. Inventory lurched higher, to 46,565 listings, and is running 15% ahead of year-ago levels.

A note about the territory covered in these numbers: it’s a portion of the entire LA metro area, including Long Beach and Glendale, but does not include the Antelope Valley; by our reckoning, that means prices are lower than they would be just in the city of Los Angeles, but higher than they would be if you included the entire county.

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)
8/13 $529,000 44,483 (Up 13.6% y/y)
9/10 $520,000 46,414 (Up 16.9% y/y)
9/24 $519,000 46,252 (Up 14.6% y/y)
10/1 $517,000 46,565 (Up 15.1% y/y)

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Photo Credit: Reuters