Only 107,772 residences were sold in 24 months ended in April, the ninth consecutive month a new sales low was reached.
The cost of homebuying is so insane that Los Angeles County’s sales are running at the slowest pace in records dating back 37 years.My trusty spreadsheet looked at two-year periods of sales from CoreLogic stats stretching back to 1988 to measure how much the local housing market has chilled. Remember that in March 2022, the Federal Reserve began itsOnly 107,772 Los Angeles County residences were sold in 24 months ended in April 2024, the slowest two years since 1988.
Mortgage rates at 20-year highs plus stubbornly high prices killed many house hunter dreams. CoreLogic’s April 2024 median of $865,000 is up 1% in the past 2 years after 37% gains in 2020-22.Only 357,486 Southern California residences were sold in 24 months ended April 2024, the slowest two years on record and the sixth-consecutive all-time low.Sales in the region run 33% below the 37-year average and 10% less than the pre-pandemic sales low of 399,178 in March 2009.
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