June Saw Record Breaking Slow Down in Home Prices
Nationally, in June, there was a huge slow down in home price growth, we also saw a huge jump in inventory. Having said that, keep in mind that inventory levels are still 54% below 2017-2019 levels. Inflation appears to be slowing, overall good news if it continues, but this is definitely a much different economic environment than we have ever experienced. Covid upended traditional spending patterns and forecasting what will happen to the economy , and home sales, is much more nuanced due to consumer confidence, inflation and added external factors such as the war in Ukraine.
Locally we are seeing increased inventory levels and more price reductions, however, as the chart below shows, home prices are still quite healthy. While buyers still don't have the upper hand, they do have much more bargaining power, especially if they are the only offer on the table.
Below are some good reads for your weekend:
2022 Home Buyer Must Haves
How An ADU Impacts Home Sales And Purchases
Backyard Small Space Oasis-Amazing Shed Designs
Here Is What's In The Inflation Reduction Act For Homeowners
Why Is Home Staging Important?
Single family home prices(median) for May 2022-July 2022:
| Glendale |
+ 7.5% |
| Burbank |
+ 16.7% |
| Toluca Lake |
+ 8.4% |
| Pasadena |
+ 4.9% |
| Studio City |
+ 2.6% |
| Hollywood Hills* |
+ 40.8% |
| Valley Village |
+ 15.9% |
| Sherman Oaks |
+ 12.1% |
*Please note that this area had few sales so percentages
are somewhat misleading
Weekly national mortgage rates for loans under $400,000, top credit scores:
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Ana Connell 818.795.8474
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