Prices Mixed YoY and Mortgage Rates Stabilize.

As interest rates come down from their high of 7.62% in November 2023 to January's average of 6.64%, median prices for 2 of the 4 submarkets tracked marginally lowered year over year. Burbank dropped to $1,066,000 fro $1,175,000, a 10 % drop, but January of 2023 was an outlier if you look at the months prior and after. So in real terms pricing would be plus or minus 1-2%. North Hollywood dropped to $768,500 from $785,000, a 2.1% drop, again though compared to the pricing before and after in January '23 it is flat in appreciation. Both Studio City and Woodland Hills achieved increases in the median prices year over year: Studio City increased to $1,657,500 from $1,360,000, a 21.9%, but this paricular market suffers from large swings in value due to the a greater extreme values that are found in the market. Woodland Hills on the other hand achieved a much more modest increase to $1,195,000 in '24 from $1,142,500, a 4.5% increase, reflective of a larger amount of transactions and a more homogenized inventory. Lower mortgage rates will benefit the values of homes, at this moment no anticipated relief is in the horizon for at least 5 months. More than likely there will only be modest movement in pricing year over year. Contact Julian Munoz if you would like to know your home value, timing might be right for you to make your real estate move.