January 2024 Market Update

BEST, most detailed market update you’ll find for Downey & SoCal in just 2 minutes! Here are the highlights:
1. Interest rates are higher than we’ve been used to for several years. Rates shot up to 8% at one point but are not in the mid-6’s.
2. The number of sales was done approx 10-20% in the last year and 45% in the last two years.
3. Inventory: Decreased steadily since the 2008 crash and is down another 28% last year.
4. Sales Prices: Increased about 7% in SoCal.
a. LA County: +7.4% - median SP $940,000
b. OC: +17% - median SP $1,275,000
c. Downey: +7.3% - median SP $830,000