The number of homes for sale in the Los Angeles area spiked last month, attributed in part to high prices and inventory that is sitting on the market longer.
In L.A., there was a 30 percent jump in the number of homes on the market in October compared to last year, according to Zillow. Curbed first reported on the data. Last month, there were 28,947 homes for sale in the L.A. metro area compared to 21,951 over the same period in 2017.
That compares to the 3 percent uptick in inventory nationwide.
Zillow economist Aaron Terrazas told Curbed that the increased L.A. inventory was driven mostly by homes that sit on the market longer, suggesting buyers are less willing to pay inflated prices.
Those prices were slowly starting to fall. In September, median home prices in the region dropped 3.3 percent compared to August numbers. According to Trulia, the share of L.A. homes listed with a reduced price hit a 10-year high in August, as home sale activity slowed throughout Southern California. [Curbed] — Gregory Cornfield