Tuesday Morning: LA Asking Prices Flat, Inventory Still Rising
Good morning. Median listing prices in the LA metro area held steady at $545,000 for the fifth week in a row, according to HousingTracker.net's analysis of MLS listings.
More numbers: The last time the median budged was in early April, when it slipped from $546,000 to $545,000. Median listing prices have slipped by 5.9% over the past twelve months.
The total number of listings -- inventory -- continues to rise -- 786 houses came on the market in the past week, and inventory now stands at 38,297, which is 26.7% higher than a year ago.
Blogger's Note: We're fully aware of the drawbacks of using listing prices to measure market activity, but we believe they are probably a better measure of overall home values than median sales prices.
Your thoughts, comments and insights on this are always welcome.
