House listings drop 26% in LA County during November

During November, the number of listings for single-family homes declined 26 percent in Los Angeles County, according to a new signed contracts report from Douglas Elliman.

There were 1,794 listings in L.A. County in November compared to October, when there were 2,426 homes listed in the county.

One reason why the inventory has declined is that sellers are delisting their houses until the market changes. On average, 2 percent of homes were delisted each week during the 12-week period ending Nov. 20.

Home sales also declined in November, according to the Elliman report. Last month, 1,643 homes sold. That represents a decline of 18.7 percent from the previous month, when 2,022 home sales closed in Los Angeles County, and a whopping 50 percent fall from the same time a year ago when 3,290 homes sold in the county.

2 California cities top list of places homebuyers want to leave

People are looking to relocate from San Francisco and Los Angeles the most compared to any other city in the United States.

A new report by Redfin found San Francisco topped the list of all cities in America where homebuyers are looking to relocate from. Los Angeles ranked second, followed by New York, Washington, D.C., and Boston. The rankings were determined by net outflow, a measure of how many more Redfin users looked to leave an area than move in.

Sacramento, Las Vegas, and Miami were the most popular destinations for people looking to relocate, followed by San Diego and Tampa. Popularity is determined by net inflow, which is the number of people looking to move into a metro minus the number of people looking to leave.

According to the survey, majority of people relocating from Los Angeles are headed to Sin City. In Las Vegas, the typical home cost $410,000 in October, roughly half the price of the typical home in Los Angeles ($823,000).

Redfin's migration analysis was based on about two million Redfin.com users who viewed for-sale homes online across more than 100 metro areas from August 2022 to October 2022. To measure the share of homebuyers looking to relocate from one metro to another, Redfin calculated the portion of overall home searchers that are migrants.

LA ranks 5th most expensive US city

The report from Consumer Affairs analyzed 2021 data from the U.S. Census Bureau against two metrics - median monthly housing costs and median owner-occupied unit values - to determine which U.S. cities are the most expensive. To the surprise of no one, California cities dominated the list, ranking four out of the top five spots.

Below shows the top 5 most expensive cities in the US, along with their median monthly housing costs (such as utilities, insurance, and rent or mortgage payment):

1) San Jose: $2,463

2) San Francisco: $2,337

3) San Diego: $2,044

4) Seattle: $1,984

5) Los Angeles: $1,845

Los Angeles comes in under Seattle in terms of median home values ($812,800) and median monthly housing costs ($1,845). However, because Los Angeles residents have a median household income almost $40,000 lower than Seattle's, it has the highest monthly housing costs relative to income of any city in the list's top 10.

If you're looking for the least expensive city for housing costs, head over to Detroit, Michigan. According to the report, residents' median monthly housing costs here are $755.

LA monthly mortgage payments increased 40%

Core Logic has reported that median monthly mortgage payments in Los Angeles have increased 40 percent from 2021 to 2022.

Real estate experts blame this on the high prices of homes and mortgage rates for this occurrence according to CBSNews.com.