Los Angeles Home Sales Increase Annually for the First Time Since 2021 During the Second Quarter

The median sales price for a home in L.A.’s Westside and downtown market was 1.95 million dollars in the second quarter, up 13% from last year. Getty Images

Home sales across the affluent Westside and downtown of Los Angeles home sales were up annually during the second quarter of the year, marking the first year-over-year increase since 2021, according to a report from Douglas Elliman on Thursday.

Home sales were up 5.2% from a year ago, and 42.2% from the first quarter of the year.

The luxury sector—the upper 10% of sales—saw a similar trend as well. There were 66 luxury home sales in the second quarter, a 15.8% increase from last year and up 46.7% from the first quarter.

The prevalence of bidding wars “fell year over year but still accounted for one out of four sales,” wrote Jonathan Miller, president and CEO of the appraisal company Miller Samuel and author of the reports.

Home prices were up, too, with the overall market’s median sales price rising “to the second-highest level on record for the third annual gain in four quarters,” wrote Miller.

The strong quarter hints that the city’s luxury market has fully digested a mansion tax that stifled activity after it went into effect in April 2023.

The median sales price for a home in L.A.’s Westside and downtown market was $1.95 million, up 13% from the year prior. The luxury market saw its median sales price jump 11.5% year over year to $12.9 million.

Listing inventory also grew annually for the seventh consecutive quarter, increasing by 38.1%. In the luxury sector, listing inventory was up 11% annually.

Via Mansion Global