July 2024 Monthly Housing Market Report

July's housing market presented a mix of trends across various regions, showing both price increases and decreases alongside changes in market dynamics.

San Gabriel

In San Gabriel, the median sale price fell by 8.8% to $1,025,000, with homes staying on the market for an average of 50 days—an increase of 29 days from last year. The number of homes sold also dropped by 18.2%, totaling just 9. Despite these declines, the area remains competitive, with many homes attracting multiple offers and some buyers even waiving contingencies.

Irvine

Irvine saw a significant increase in median sale prices, rising by 20.5% to $2,350,000. The median days on market grew to 30, which is 7 days longer than the previous year. Although the number of homes sold decreased by 21.7% to 65, Irvine’s market continues to be competitive, with multiple offers and waived contingencies being common.

Chino Hills

Chino Hills experienced a similar trend with its median sale price climbing by 20.5% to $1,110,000. Homes there are staying on the market for an average of 33 days—up by 19 days. The number of homes sold increased by 26.5% to 43. The market remains competitive, with many homes receiving multiple offers and some buyers waiving contingencies.

Diamond Bar

In Diamond Bar, the median sale price slightly decreased by 1.4% to $1,215,000, while the median days on market fell by 2 days to 31. The number of homes sold increased by 16.7% to 28. This indicates a somewhat competitive market, with some homes receiving multiple offers.

Walnut

Walnut’s median sale price dropped by 10.8% to $1,135,000, and the median days on market increased by 11 days to 32. The number of homes sold decreased by 4.5% to 21. Despite the price drop, Walnut remains competitive, with many homes attracting multiple offers and some buyers waiving contingencies.

Pasadena

Pasadena saw a notable rise in its median sale price, up by 17.5% to $1,549,000. Homes there sold faster, with the median days on market dropping by 6 days to 25. Although the number of homes sold fell slightly by 1.9% to 51, Pasadena remains somewhat competitive, with some homes receiving multiple offers.

San Marino

San Marino experienced a significant drop in its median sale price, falling by 25.1% to $2,770,000. The average number of days on the market rose by 27 days to 48, but the number of homes sold surged by 88.9% to 17. This suggests a somewhat competitive market, with some homes still receiving multiple offers.

Arcadia

Arcadia saw a modest increase in median sale prices, up by 3.8% to $1,900,000. Homes stayed on the market for an average of 59 days, which is 15 days longer than last year. The number of homes sold decreased by 4.2% to 23. While the market remains somewhat competitive, the decreased sales volume indicates a cooling trend.

July’s housing market highlights a landscape of varying competitiveness and price dynamics across different regions. The significant price increases in areas like Irvine and Chino Hills underscore their ongoing desirability, even as homes take slightly longer to sell. On the other hand, regions such as San Gabriel and Walnut display a more tempered market with declining prices and increased market times, yet still maintain a competitive edge with multiple offers.

The considerable price drop in San Marino, paired with a rise in the number of homes sold, suggests a market adjustment that could present opportunities for both buyers and sellers. Arcadia’s modest price increase amid longer market times indicates a shift towards a more balanced market.

Overall, these trends reflect a dynamic housing environment where local conditions greatly influence market behavior. Buyers and sellers should carefully consider these regional variations to navigate the current market effectively. Staying informed about specific area trends and adapting strategies accordingly will be crucial in making well-informed real estate decisions.