Los Angeles July 2024 Market Update

Hey there. Ana Mendoza here. I hope that you're having an amazing August 1st. Can you believe that we're almost at the end of summer? There's a lot going on in our industry with lots of changes happening this August and I will definitely be in touch with you separately regarding that. But for now, I hope that you had a great July and now that it came and went, we are here to give you your year-over-year market update numbers from July 2023 through July 2024.

So more homes came on the market this year compared to last year. This is for homes that have sold under a million dollars in the city of Los Angeles, which pulls a bunch of numbers. Okay? So you had 272 more homes come on the market this year compared to last year. You also had more equity in homes, about 52,000 more of equity in homes that have sold in the city of Los Angeles under a million dollars compared to last year. So there's a lot of equity that we're playing with and a lot of opportunity for those of you that are potentially looking to make a move this year. Just get your home prepared, find out about that. And yeah, that's exciting times. 

When it comes to days on market, we are almost closer to the 40 days. 38 days on average. 32-38 days, in my opinion, I've seen that are on average for days on market. There are mores homes on the market if you are a buyer. There's so many programs out there right now for first time home buyers that are there or are available for those of you that are looking to get into this very unique market. The rates right now are under 7%. 6.25, 6.5 on average. All of that, obviously with some factors that go into that to make you get that specific percentage. But lots of opportunity for first time home buyers. Lots of opportunity for those of you that are looking to just get an equity update on your home. As you can see, definitely more equity in the home compared to last year. And the numbers speak for themselves. We are pulling them and sharing them and I'm not making them up. 

So if you want a very specific market update on your area, on your specific home, or you're just being a nosy neighbor, let me know. Reach out to me and I would love to give you a tailored consultation. I also will be doing a fundraiser for back to school. Whether it's with myself or our team here at PW Studio City and it's really good to just give back. We haven't narrowed down the details, very last minute but I'm very passionate about just giving back to our community and then also having my kids involved and teaching them about the blessings of just sharing and also giving back. So I will be in touch about that. That's your market update. Hope that you're having a amazing August 1st. You have an amazing August in general and that this video found you well.