By Jeffery Marino
Home prices in Northeast Los Angeles decreased in September as mortgage rates averaged about 6%. Since then, rates have increased to 7%, so when data for October is in, prices are all but certain to be lower still.
In September, the median sale price for a home in NELA was $1.125 million, down 3% from August. Prices have declined month-over-month since June.
Looked at on an annual basis, prices were higher in September than a year ago, but the increase – 6% — is the lowest annual price growth since July 2020. There’s more. Click house image above to continue.