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.