Dear Friends, Family, and Colleagues, 

The market is picking up steam as the more active Spring and Summer months are just around the corner.  Sales of existing single-family homes had another year over year decline due to a decrease in both supply and demand.  Compared to the month previous, California home sales creeped up for the second straight month in a row as homebuyers took advantage of lower interest rates.  Many are concerned of a market crash with respect to prices but we are only seeing a moderate decline off the highs of June 2022.  In fact, signed contracts to buy existing homes in the U.S. rose in January in the largest monthly increase since June 2020. Low inventory levels are definitely helping to support prices with L.A. County home prices down only 2.6% month over month.  Although inflation seemed to have been tapering off, new fears of inflation not decreasing quick enough is sending panic in the stock market with the NASDAQ up only .64% for the month, down from its high when it was up 6% for the month. Review our Buyers and Sellers ADVICE section to best position yourself in this transitioning market.  Please continue sending us topics of interest so we can cover them in future newsletters. Thank you for reading!


Dennis Adelpour and The Adelpour Group


Although January was another month of decline in sales year over year, the rate of decline is starting to taper, leading many to believe that the bottom is here or nearing. Boots on the ground, including our very own transactions, are also showing the market is coming back to life after a quieter Q4 of 2022.  With inventory very low, home prices, although softening, are not crashing! 

Home prices and the average number of units sold compared to last year continue to decrease. With the tapering off of interest rates, will the pace of decline eventually slow down? That is the goal but only time will tell if this was a smart strategy. 
  • In the month of January, the number of units sold continued to fall sharply from last year, with five out of the five major regions falling more than 30%. Southern California experienced an annual drop in units sold of 41.1%, compared to January of 2022. 
  • In January 2023, Los Angeles County saw a 22% decrease in units sold month over month, a better sign than last month with home prices down 2.6% over that same period. Los Angeles County saw a 38.2% decrease in units sold year over year as well. 
  • In January 2023, the median price of a single family home in Los Angeles was $778,540; down from $800,960 from January 2022. 

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.39% from 6.18%. 
  • The current average interest rate on a 30-year fixed-rate jumbo mortgage is 6.62%. Last week, the average rate was 6.45%.
  • Total mortgage application volume fell 7.7% last week as mortgage rates jumped higher.



Sellers with homes that are well-priced and well-marketed are going to see the best return and the highest and best offers during the first few weeks when the home is on the market. Pricing realistically in this market is incredibly important. 

We have been dealing with many sellers who are ready to make the move but are concerned if the inventory will be there to purchase once they sell.  In this market, buyers are willing to make adjustments to their timeline to allow sellers to find their next home so solutions are available for sellers. 

Sellers who own properties in excess of $5M value, please be aware of measure ULA. With measure ULA passed in November, sales of residential and commercial real property valued at over $5 million but less than $10 million would be subject to an additional tax at the rate of 4%, while sales of properties valued at $10 million or more would be subject to an additional tax of 5.5%.  The new tax would apply to the entirety of the sale value, not solely the amount in excess of the $5 million and $10 million thresholds. The tax would apply to property sales occurring on or after April 1, 2023.


Rates took a nice dip during the last few months but they are slowly starting to creep back up. Many buyers are still trying to time the market, not knowing there are properties sitting on the market that can be purchased at a great discount!  For the buyers looking at the hotter, more in demand markets, we are still seeing multiple offer scenarios. If you are looking in an area with this market condition, you are not up against 20 other offers as seen in the past, but with the limited inventory, the best homes priced accordingly to the market are many times still seeing multiple offers.  

Off markets continue to be a great source of inventory for buyers - as inventory on the market is very limited at the moment.  Off markets take effort to find but they are out there and an amazing opportunity.  

Buyers must have their finances in line. Lenders are becoming more stringent with their approvals and you must have your ducks in a row when making an offer. We know a multitude of top lenders to get you in the best position to make an offer when the time is right!  


Check out the recent Redfin article we were featured in: 

Build-To-Rent Homes: What You Need to Know About the Future of Single-Family Rentals

Build-to-rent (BTR) homes are ideal for people who want the benefits of community living without the hassle of maintenance, mortgage payments, or HOA dues. In recent years, the movement to create more of these types of homes has been increasing due to higher demand. Because of its rapid growth, many real estate companies and investors are developing BTR properties to capitalize on the craze.




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Updated: 26th March, 2023 8:37 AM (UTC)