A tick down in L.A. asking prices
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Another week, another tick downward in median listing prices in greater LA -- this week down by $1,000, to $509,000, according to Housing Tracker’s weekly monitoring of MLS listings. Median listing prices are now down 8.9% from year-ago levels.
The bigger statistical trend is a jump in inventory -- nearly 600 new listings came on the market in the week, bringing the total number of listings to 47,182 -- an increase of 17% over year-ago levels. In a normal real estate market, the number of listings tends to decline after the summer selling season; that is not happening, at least not yet.
Date Median Price Inventory
4/06 $579,666 27,251
4/07 $545,000 35,489
5/07 $545,000 38,297
6/07 $540,000 40,766 (up 20.4% y/y)
7/07 $535,000 42,685 (up 14.5% y/y)
8/07 $529,000 44,483 (up 13.6% y/y)
9/07 $520,000 46,414 (up 16.9% y/y)
10/8/07 $514,900 46,219 (up 15.1% y/y)
10/15/07 $510,000 46,603 (up 15.6% y/y)
10/22/07 $509,000 47,182 (up 17.0% y/y)
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Photo Credit: Reuters