L.A. listing prices slump again

For the fourth week in a row, the median listing price of a home in greater L.A. fell, as inventory inched higher, according to Housing Tracker's analysis of MLS listings, which we track here every week.

Median asking price dipped by $1,000, to $528,000 -- a decline of 7.4% over the past year. Inventory budged higher by 58 listings in the past week, and now stands at 44,541 -- up 3.0% over the past month, and 13.0% over the past year. Although inventory continues to build, it does appear that it is building at a slower rate, as the chart below illustrates.

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)

Comments? Thoughts? Insights? E-mail story tips to lalandblog@yahoo.comL
Photo Credit: Reuters

Comments

[jemarqu]

Inventory is down this week for the first time in months. What do you think guys do I have a job in real estate?

[Problemwithcaring]

People are getting the message - it aint time to sell.....Would-be sellers think to themselves: "I will wait until I am dangerously close to my mortgage reset. I'm sure the market will have corrected by then."

[Andrew]

The data was cut and pasted wrong. The inventory number for 8/20 reads as 44,541 on HousingTracker. So inventory is climbing, although at a slightly slower pace.

[Jeff]

http://www.thegreatloanblog.blogspot.com/

Lenders and Brokers:Only focus on conforming!

I received this just now from INDYMAC. They are a large thrift based lender that does retail and wholesale.