July 2024 Market Report
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Market Statistics and Analysis
The graphs below show the average Months of Inventory (MOI) in Los Angeles County. An MOI is how long it would take for the current listing inventory to sell out if nothing new were listed for sale. An MOI between 3 and 6 is an indicator of a neutral market, so the Los Angeles rate last month of 2.6 indicates we are in a seller’s market.
According to Freddie Mac, “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months. By historical standards, the economy is in good shape, and we expect rates to continue to come down over the summer months, bringing additional homebuyers back into the market.”
Key Takeaways:
- Mortgage rates are slightly decreasing
- We are currently in a seller’s market
June 2024 was a Seller's market*
Months of Inventory based on Closed Sales in June 2024: 2.6
| • | Up 18.2% compared to last month |
| • | Up 62.3% compared to last year |
*Buyer's market: more than 6 months of inventory based on closed sales
Seller's market: less than 3 months of inventory based on closed sales
Neutral market: 3 - 6 months of inventory based on closed sales
Data for your neighborhood:
