Were there signs of weakness in Los Angeles’ real estate market in July or was the calendar at fault? Redfin in its monthly Real Estate Tracker reported that monthly home sales dropped more than 9% in July compared to the same month last year. However, it appears that most of the decline was because there were “a below-average number of business days this July and an above-average number last July,” said Redfin. While sales dropped significantly, the median price of a home sold in July rose more than 7% to $600,000 – that’s nearly double the median five years ago.
On the Eastside, the median sales price in July exceeded double-digits in many neighborhoods, with Highland Park, for example, seeing the median sales price jump more than 18% from year-ago levels to $687,000, said Redfin. Mount Washington, however, saw only a 1% increase. In Eagle Rock, buyers were apparently impatient to close a deal as the home spent only about 17 days on the market.
Here’s a summary of the July results – median sales price, the increase from last year and the number of days on the market – for some of Eastside markets:
* The Eastside figures reflect sales activity in Atwater Village, Boyle Heights, Cypress Park, Eagle Rock, East Los Angeles (unincorporated), Echo Park, El Sereno, Glassell Park, Hermon, Highland Park, Lincoln Heights, Montecito Heights, Monterey Hills. Mt. Washington and Silver Lake.
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