March Madness: Housing Edition

Because apparently, housing prices didn’t get the memo about the recession rumors.

Single-family home sales dipped 2.3% from February but still posted a 4.9% gain compared to March 2024. So, sure, sales slowed a little month-to-month — but compared to last year, we’re winning. The statewide median home price in March climbed 6.7% from February and was up 3.5% year-over-year. Not bad for a market where everyone’s supposedly "waiting for the crash."

Year-to-date statewide home sales are up 1.9%. Progress may not be setting any land-speed records, but it’s forward motion — and we’ll take it.

Pending home sales, though? Not exactly thriving. March marked the fourth straight month of declines, thanks to roller-coaster mortgage rates, recession fears, and good old-fashioned tariffs messing with buyers' wallets. With rates expected to stay jumpy, don’t be shocked if pending sales stay a little... underwhelming as the spring season kicks off.

"Home sales slowed in March as both buyers and sellers grew more concerned about the ongoing tariff situation and its potential impact on their personal finances," said C.A.R. President Heather Ozur, a Palm Springs REALTOR®. "With uncertainty weighing on those still striving for the American Dream, this is an important time for REALTORS® to use their expertise to guide clients through the challenges."

Now, about prices: March marked the 21st straight month of year-over-year price growth — but, full disclosure, the gains have been a little shy of fireworks-worthy. Even though the March median price did jump compared to February, it didn’t quite hit the 10-year average increase of 7.7%. Still, if history has anything to say about it, prices should keep climbing modestly into the next few months. Of course, market jitters and economic question marks aren’t exactly helping fuel the rocket.

The good news? Despite all the noise — mortgage rate whiplash, Wall Street drama, etc. — the housing market stayed surprisingly steady in March. Sure, slower open-escrow sales suggest a sluggish spring kickoff, but hey: increased inventory and slower price growth mean buyers might finally catch a breather and, dare we say, snag a deal.

“Despite mortgage rate swings and financial market volatility, housing conditions remained stable in March,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “Although slower open-escrow sales point to a sluggish start for the spring season, increased inventory and modest price growth offer hope for buyers seeking more options and improved affordability.”

And now for the latest data on Los Angeles County real estate trends:

Single family homes  |  Los Angeles County | March 2025

New Listings: 4,692 (Up 17.54% year over year)

Homes Sold: 2,638 (Down 2.3% year over year)

Median List Price: $998,000 (Up 5.34% year over year)

Median Sales Price: $1,020,000 (Up 6.81% year over year)

Median Days on Market:  17 (Up 13.33% year over year)

Average List Price: $1,461,438 (Up 3.06% year over year)

Average Sales Price: $1,461,415 (Up 3.49% year over year)

Average Days on Market: 37 (Up 8.82% year over year)

List/Sell Price Ratio: 101.1% (Down .21% year over year)

Condo homes  | Los Angeles County | March 2025

New Listings: 1,931 (Up 19.12% year over year)

Homes Sold: 987 (Down 4.64% year over year)

Median List Price: $705,000 (Up 1% year over year)

Median Sales Price: $710,000 (Up .57% year over year)

Median Days on Market: 25 (Up 38.89% year over year)

Average List Price:  $907,740 (Up 8.77% year over year)

Average Sales Price: $898,917 (Up 7.59% year over year)

Average Days on Market: 45 (Up 18.42% year over year)

List/Sell Price Ratio: 100% (Down 0.63% year over year)