Are Los Angeles County home price going up or down? That’s a great question. Some people are wondering if we’re in a housing bubble, and others are debating whether to buy or sell.

Here are the stats comparing April of 2022 to April of 2021. This year the median home price was $900,000 compared to $799,000 at this time a year ago. That’s an increase of 12.64%.

The average days on market was 19 days this April compared to 24 days on market this time last year. There were 5,890 closed sales this April compared to 6,943 closed sales last April resulting in a decrease of 15.17%.

The average 30-year mortgage rate went up from 2.96% in May of 2021 to 5.45% in May of 2022.

What does this all mean? In spite of rising interest rates, home prices are on the rise due to a continued shortage of inventory. With homebuyers still competing for the few houses for sale, bidding wars are not uncommon. With interest rates continuing to increase, home prices are expected to soften within the year, but that still remains to be seen.