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Elliman Report: Los Angeles 4Q 2016

Housing market conditions for Westside and Downtown Los Angeles continued to show rising price trends but with fewer sales and more inventory. There were 2,121 sales in the quarter, down 12% from the year ago quarter and the largest decline since 2010. However sales have been rising and falling on a year over year basis in equal frequency over the past 8 quarters. Listing inventory rose 4.4% to 2,234 over the same period but the rate of growth has been declining over the past year. As a result, the absorption rate, the number of months to sell all listing inventory at the current rate of sales, edged nominally higher to rapid 3.2 months from 2.7 months in the year ago quarter…

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Housing Notes by Jonathan Miller

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