LA County home sales slump in September, reversing August gains

The L.A. market reported a September slowdown in home sales.

There was a 7 percent decline in pending sales for single-family homes in Los Angeles County in September. There were 1,991 signed contracts compared to the previous month, when there were 2,146 signed contracts.

It was a reversal of an August gain when signed contracts for single-family homes increased 2 percent compared to July, according to the Elliman Report, which takes the pulse of the market every month.

A year-over-year comparison didn’t look much better. Signed contracts declined about 13 percent compared to September 2022. However, year-over-year comparisons were improving, said report author Jonathan Miller. 

“We’re not comparing it to the rocket ship,” Miller said, referring to the bonanza market of 2021 and the first half of 2022.

“The market has been through the ringer,” Miller said, citing this year’s low inventory and high mortgage rates. “The odds are better in November and October for an uptick in activity. But it’s odds we’re talking about — it’s not a sure thing.”

Inventory declined more than 18 percent in a year-to-year comparison. There were 2,084 new listings in L.A. County during September compared to 2,559 listings in the same month last year. However, in a month-to-month comparison, L.A. County listings were pretty much even. In August 2023 there were 2,043 listings.

Slow sales and low inventory put agents in a tough position, said Derek Reilly, a Los Angeles agent who affiliated with Kaminsky Real Estate at eXp in August. 

“It was not a September to remember,” Reilly said. “Agents are just working 40 times harder for the same or less money.” 

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