Housing glut? Big spike in L.A. listings
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There was a surprisingly big spike in the inventory of houses for sale in Los Angeles over the last week, according to Housing Tracker’s weekly calculation of MLS listings. Median listing prices held steady week-to-week, but inventory shot up by 878 houses, bringing the total number of listings in Greater L.A. to 46,046.
The median listing price held steady at $525,000, a year-over-year decline of 7.7%. Inventory is now 15.9% above year-ago levels.
Date Median Price Inventory
4/16 $545,000 35,489
5/14 $545,000 38,297
6/11 $540,000 40,766 (up 20.4% y/y)
7/16 $535,000 42,685 (up 14.5% y/y)
7/23 $535,000 43,225 (Up 14.5% y/y)
7/30 $530,000 43,676 (Up 14.0% y/y)
8/6 $529,900 43,989 (Up 14.1% y/y)
8/13 $529,000 44,483 (Up 13.6% y/y)
8/20 $528,000 44,451 (Up 13.0% y/y)
8/27 $525,000 45,168 (Up 13.2% y/y)
9/3 $525,000 46,046 (Up 15.9% y/y)
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Photo Credit: Reuters