Wondering how the Los Angeles real estate market looks at the close of the busy summer season? Despite what you may have heard, it turns out that things aren’t looking too bad after all – at least not for buyers. It’s true: You prospective buyers have nothing to fear! Los Angeles real estate prices continue to decline month-over-month; in fact, they fell 2% during the month of August. The number of homes for sale in Los Angeles is 5,185, with a median price of $485,000.

Does this price reflect all types of homes? Well, if you’re specifically interested in new homes for sale in LA, the median is about $689,975 right now. There was no decline in this price from the previous month; so, theoretically that could mean an increase or a decrease in subsequent months. Translation: If you’re looking for a new home, now’s a good time to start looking.

Of course, foreclosures are a popular entry point for first time homebuyers, particularly in Los Angeles. During August, the number of LA foreclosures for sale was recorded as 13,961, with a median price of $309,970. Believe it or not, this figure actually rose .1% month-over-month! A significant increase? Not really. But it doesn’t hurt to be prepared for a potential incremental rising in the future! No matter which options sound most appealing to you, there's no sense in delaying your search. LA is a buyer's market!