Published August 2, 2023

Los Angeles July 2023 Market Update

Written by Ana Mendoza

Los Angeles July 2023 Market Update header image.

Hi, everyone. Hope you're having a fantastic August. Happy August 1st. I am here to give you your year-over-year market update for the month of July now that we have those specific numbers. I hope that you're having a nice summer. It's extremely hot here in L.A., so drink a lot of water. I hope that you're A/C is blasting. I'm sure that those electricity bills are not going to be fun to look at, but you know, a girl's got to do what a girl's got to do.

So your year-over-year market update for the month of July are from July 2022 through July 2023, for the city of Los Angeles homes, single-family residence that have sold under a million dollars. The market right now is so hot. Most summer markets are pretty intense, and this is no different. We still have low inventory. 77 less homes compared to last year came on the market. And the equity is rising. There was only $15,000 less of equity in homes.

So if you are even considering or thinking, we are sending those equity reports out to our clients. Let us know because there's a lot of equity, a lot of opportunity for those of you that are looking to make a move, potentially take that equity that you have on your property to purchase a second home, or just maybe purchase an investment property or something, downsize, upsize, or move out of state. There's a lot of that going on before the summer ends. The days on market went from 23 days to 29 days, so now we are going into the shorter time frames. People are rushing before the summer ends. August is here, so back to school is happening.

And speaking of, congratulations to Nidia Rivas. I know I owe you that card, and I am going to drop it off to you tomorrow. It's been very hectic. We had an unfortunate passing of one of my dear and loving best friends, who also happened to be the backbone of our team. So just dealing with that and just coping with that, it really reminds all of us that were close to her to just take care of ourselves, to hug your loved ones. If I have not said I love you to you, I love you.

So emotional market update, but that's what it is. We treat our clients like family. Hopefully you feel that through the video. We are excited this month to be going to Summit, as well, where we are trying to just roll with the punches and stay ahead of the curve of the ever-changing real estate market changes and updates that are happening in our industry. I hope that that information was of value. I hope that this month brings you a lot of joy. We will be in touch. Please reach out to us if you have any questions in regards to real estate. Or if you just want to have a conversation, we are open to that, as well. Have a fantastic day.