Los Angeles County’s housing market cooled off in the last month of summer, with a drop in signed contracts and new listings for both single-family homes and condos.
Almost 5,200 contracts were signed for single-family homes and condos in August, compared with 5,928 new contracts in July, according to a report by appraiser Jonathan Miller for Douglas Elliman.
Condos, however, are much more popular than they were last year: 1,421 contracts were signed to purchase condos last month, compared to 991 in August 2020. Record condo sales also were recorded in the county last month: two units at the Pendry Residences in West Hollywood sold for around $13 million each.
In August, 28 contracts were signed to buy condos over $2 million — just one fewer than the previous month.
For single-family homes, 3,749 contracts were signed last month, compared to 4,374 in July.
The dip in new contracts was also connected to a large drop in new listings, according to the report. Almost 2,600 single-family homes were put on the market last month — 500 fewer homes than in July and nowhere near the 6,000 that were listed in August 2020.
Even fewer single-family homes in the over $5 million range were listed for sale: 110 were put on the market last month, compared to 159 in July. In August of 2020, 225 homes were listed for over $5 million.