Builders call new-home market ‘unhealthy and unsustainable’

Forced to slow down construction as buyer demand plummets, builders predict lower home starts through 2023.

Single-family home starts dropped in September and were down 5.6% since the beginning of the year, the Commerce Department reported this week. Multifamily construction has dropped 13.2%.

Builders are blaming rapidly rising mortgage rates, ongoing supply chain disruptions, and affordability challenges for the rapid pullback in the new-home market. “High mortgage rates approaching 7% have significantly weakened demand, particularly for first-time and first-generation prospective home buyers,” says National Association of Home Builders chairman Jerry Konter. “This situation is unhealthy and unsustainable".

Can you believe this was the most expensive townhome sold this week in Porter Ranch?!

Here is the most expensive townhome sold this week in Porter Ranch.

Asking price: $699,998

Selling price: $699,000

This home has 3 bed/3 bath, 1,603 sq. ft. of living space, and is on a 3,045 sq. ft. lot.

The townhome is in the guard-gated community of Northridge Estates. They have a community pool, spa, tennis courts, and playground for the residences.

95% of home sellers made improvements before listing property

Between mid-July and mid-August, about 95% of home sellers made updates or repairs before listing their properties, up from 71% of sellers 6 to 12 months ago, according to Realtor.com. They spent an average of $14,163.

See why this Glendale home is the most unique property for sale this week!

This is the most unique home for sale in Glendale.

Asking price: $5,638,000

This tri-level home has 5 bed/4 bath, 6,056 sq. ft. of living space, and is on an 8,348 sq. ft. lot.

The home features an indoor pool, spa, sauna, BBQ area, and theater with a kitchen.

There is an expansive open deck with unobstructed views of DTLA.

Text me for more info at 818-445-7953.

Most expensive home for sale this week in Valley Village! Pricey but worth it!

This is the most expensive home for sale this week in Valley Village.

Asking price: $3,195,000

This newer construction home has 5 bed/6 bath, 3,495 sq. ft. of living space, and is on a 6,429 sq. ft. lot.

The home features an open concept floor plan with indoor/outdoor living, and the solar panels are owned.

The backyard has a large, covered patio, grassy area, BBQ area, and a large heated pool with a jacuzzi.

Text me if you want a tour at 818-445-7953.

Look at this Altadena home. It sold for the asking price! No more... no less.

Here is the cheapest home sold this week in Altadena.

Asking price: $1,100,000

Selling price: $1,100,000

This vintage farm-home style property has 4 bed/2 bath, 2,390 sq. ft. of living space, and is on a 16,777 sq. ft. lot.

Are you surprised it didn't sell over the asking price?

Foreclosures represent less than 1% of sales

Foreclosures and short sales remain historically low, representing less than 1% of home sales in April and down from 2% a year earlier.

Source: National Association of REALTORS®

Here's my newest LA off-market condo! Make it yours - ACT NOW!

Text me for more info at 818-445-7953.

Off-market property in Los Angeles.

This condo has 1,092 sq. ft. of living space, stainless steel appliances, a fireplace in the large living room, and an in-unit washer and dryer.

Building amenities: pool, spa, gym, sauna, community room, and gated underground parking.

Have a look at this week's cheapest sold condo in Los Angeles!

Here is the cheapest condo sold this week in LA.

Asking price: $299,000

Selling price: $290,000

This 2nd-floor studio has 0 bed/1 bath, and 450 sq. ft. of living space.

The unit has a murphy bed, kitchen, breakfast area, and full bathroom.

The building amenities include a rec room, laundry room, and gym.

Do you think a studio condo is a good investment?

15% of home sellers have cut their prices in April

This is down from 9% last year, signaling a cooling in the real estate market. Do you think it will be 25% by the end of June?