Q1 2024 Regional Market Report
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Market Statistics and Analysis
The graphs below show the average Months of Inventory (MOI) in the Greater Los Angeles area. 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 indicates we are in a seller’s market.
According to Forbes, “As we head into peak home-buying season, signs of life have begun to spring up in the housing market. Even so, still-high mortgage rates and home prices amid historically low housing stock continue to put homeownership out of reach for many.
Despite ongoing affordability hurdles, Fannie Mae forecasts an increase in home sales transactions compared to last year. Experts also anticipate a slower rise in home prices this year compared to recent years, but price fluctuations will continue to vary regionally and depend strongly on local market supply.”
Key Takeaways:
- Home sales will increase
- We are currently in a seller’s market
March 2024 was a Seller's market*
Months of Inventory based on Closed Sales in March 2024:
Months of Inventory based on Closed Sales in March 2024:
| • | Down 12.4% compared to last month |
| • | Up 24% 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
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:
