📊 Weekly House Market Report of Los Angeles 🌴

The Southern California housing market is experiencing a noticeable cooling trend, with varying degrees of seller advantages across key cities. This report provides an overview of the latest market conditions in San Gabriel, Irvine, Chino Hills, Diamond Bar, Walnut, Pasadena, San Marino, and Arcadia as of August 27, 2024. The Market Action Index (MAI) indicates that while most areas remain in a strong seller's market, the cooling trend is evident, and prices may face downward pressure if the trend continues.

San Gabriel's median list price stands at $1,214,444, with a MAI of 51, slightly lower than last month's 53. Inventory has risen to 30 homes, contributing to the market's cooling. Although still in a strong seller’s market, the declining MAI suggests that prices might plateau or decrease if this trend persists.

Irvine's market shows a median list price of $2,948,000 and a MAI of 46, down from 55 last month. With inventory increasing to 211 homes, the cooling trend continues. Despite being in a strong seller’s market, the significant drop in MAI could lead to price adjustments if the cooling continues.

Chino Hills has a median list price of $1,162,500 and a MAI of 59, down from last month’s 66. Inventory has increased to 74 homes. While the area remains in a strong seller’s market, the decrease in MAI signals a potential for price stabilization or decline if the trend does not reverse.

In Diamond Bar, the median list price is $1,499,000 with a MAI of 49, an increase from last month’s 46. Inventory has decreased to 57 homes. This slight strengthening in MAI suggests that prices could resume their upward trajectory if the trend continues, maintaining a strong seller's market.

Walnut’s median list price is $1,650,000, with a MAI of 51, down from 53 last month. Inventory has increased to 51 homes. The area continues to cool, but remains in a strong seller’s market. If the MAI drops further, price reductions may follow.

Pasadena shows a median list price of $1,770,000 and a MAI of 49, slightly lower than last month’s 50. Inventory has increased to 104 homes, and the market is cooling, with prices beginning to decline. A continued drop in MAI could push prices further down.

San Marino's median list price is $3,899,000, with a MAI of 41, down from last month’s 44. Inventory has decreased to 27 homes. The market is cooling, with a slight seller's advantage remaining. If the MAI continues to drop, prices could face downward pressure.

Arcadia’s market is showing a median list price of $3,215,000 with a MAI of 37, down from 39 last month. Inventory has increased to 96 homes. The consistent cooling trend suggests that prices may start to fall if the market continues in this direction.

The housing markets across Southern California cities are cooling, with varying degrees of impact on prices. While most areas still favor sellers, the declining Market Action Index across these cities suggests a potential shift if the cooling trend continues. Buyers and sellers alike should closely monitor the MAI in the coming weeks, as a continued decrease could lead to more significant price adjustments.