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Home sales continue to slow in October as buyers adopt a wait-and-see attitude

An October real estate report shows that L.A. home sales continued to soften compared to last year’s levels, with buyers growing more cautious in the face of rising mortgage rates and prices.

While sales have slowed, prices have continued to rise from last year. In fact, the median sales price in October for Eagle Rock and the Echo Park-Silver Lake area increased from last year and topped $1 million, according to Corelogic, which compiles and analyzes real estate sales results.

Sales counts have been running behind last year’s figures for several months now. For Los Angeles County, the number of home sales in October dropped 7.2% from a year ago to 6,383, said CoreLogic. Meanwhile, the median sales price rose 5.3% to $595,000.

“Rising prices and mortgage rates have priced out some potential buyers while causing others to conclude that waiting to buy could pay off, especially as listings rise,” said CoreLogic analyst Andrew LePage. “Fall-winter home shoppers could find a much more favorable shopping environment, but many will still be hit by the one-two combo of higher prices and mortgage rates.”

Here are October sales results for several Eastside neighborhoods and Zip Codes from CoreLogic:

Atwater Village & North Silver Lake (90039)

  • Home Sales: 13
  • Median Sales Price: $1.225 million 
  • Price Change From Last Year:  Up 14%

Boyle Heights (90033)

  • Single Family Home Sales: 3
  • Median Sales Price: $444,000
  • Price Change From Last Year:  Up  7.6%

City Terrace (90063)

  • Home Sales: 17
  • Median Sales Price: $461,000
  • Price Change From Last Year: Up 24.6%

Cypress Park, Eagle Rock & Mt. Washington (90065)

Home Sales: 26
Median Sales Price: $756,000
Price Change From Last Year: Down 1.1%

Eagle Rock (90041)

  • Home Sales: 11
  • Median Sales Price: $1.070 million
  • Price Change From Last Year: Up 43.3%

East Los Angeles  (90022)

  • Home Sales: 8
  • Median Sales Price: $405,000
  • Price Change From Last Year: Down 2.4%

Echo Park & Silver Lake (90026)

  • Home Sales: 23
  • Median Sales Price: $1.003 million
  • Price Change From Last Year: Up 7.5%

El Sereno (90032)

  • Home Sales: 19
  • Median Sales Price: $535,000
  • Price Change From Last Year: Up 4.2%

Highland Park & Hermon (90042)

  • Home Sales: 36
  • Median Sales Price: $797,000
  • Price Change From Last Year: Down 8.4%

Lincoln Heights & Montecito Heights (90031)

  • Home Sales: 9
  • Median Sales Price: $512,000
  • Price Change From Last Year: Down 17.4%

Have you been holding off on your home purchase? Or do you think it’s best to buy now before prices rise again? Share you views in the comments.

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