Due to high interest rates, the number of people looking to buy homes in Southern California, including Los Angeles, is declining, causing the LA housing market to lean heavily in favor of buyers.
According to a September housing market report released by real estate brokerage Redfin, the number of home buyers in the LA area was estimated at 13,282, while sellers reached 22,967. Sellers outnumbered buyers by 9,685, or a striking 72.9%.
This figure exceeds the national average of 62.6% by 10.3 percentage points.
However, there were significant variations among Southern California regions depending on local supply and demand gaps.
In the Riverside area, sellers outnumbered buyers by 81.1%, an even higher seller ratio than LA, while Anaheim and San Diego recorded smaller margins at 31.6% and 36.3%, respectively.
