Mortgage Rates (Freddie Mac):
- The average 30-year fixed rate decreased this week to 6.63% vs 6.72% last week
- Mortgage rates eased after markets began pricing in a potential Federal Reserve interest rate cut in September, fueled by signs of a slowing economy, especially July's weak jobs report
July Market Stats
📊 July 2025 Market Update: Prime LA Home Sales on the Rise
When we compare MLS data across LA's prime markets (including Beverly Hills, BHPO, Hollywood Hills, West Hollywood, Bel Air / Holmby Hills, Westwood / Century City, Brentwood, Santa Monica and Venice), we see notable year-over-year shifts:
July 2025 vs. July 2024:
- 🏡 Homes Sold:
- 194 in July 2025 vs. 142 in July 2024, an increase of 37%
- 💰 Median Sales Price:
- $3,232,500 in July 2025 vs. $3,112,500 in July 2024, an increase of 4%
- ⏱️ Average Days on Market:
- 46 days in July 2025 vs. 45 days in July 2024, an increase of 2%
- 🏆 Highest Sale Recorded:
- $110M in July 2025 vs. $22.9M in July 2024
What’s Driving This?
- The highest July Sale: The Spelling Mansion (594 S Mapleton Dr) just sold to Eric Schmidt of Google for $110m
- Persistent Demand in Prime Neighborhoods: Well-priced homes in Beverly Hills, Brentwood, and Santa Monica continue to attract strong interest, especially with buyers now focusing on these areas since Palisades inventory has been reduced after the fire
- Inventory Has Been Increasing: Sellers are becoming more open to listing their homes despite the high mortgage rates
- Price growth moderating: In Q1 2025, prices jumped 20% year-over-year, fueled by post-fire buyer activity. While prices are still rising, the market has begun stabilizing as shown in Q2 and now in July
- Looking Forward: August typically slows as buyers and sellers travel, but September is expected to bring a surge in activity driven by post-summer momentum and the widely anticipated Fed interest rate cut.
- Have questions or just want to talk real estate? Feel free to reach out anytime.
