Comparing the recently released October statistics to October 2021.

We had a very interesting month. Let’s take a look and compare the market stats of October 2021 and October 2022.

Last October, we had 217 closings in the Burbank, Glendale, and North Hollywood markets. This October, we had only 129. Sales are off by a whopping 68%. The average sales price last October was $952,000. This October, it was $1,000,094, which is up by 14%.

The average square footage last October was 1,516. This October, it was 1,635, which is up by 7%. The average price per square foot last October was $668. This year, it rose by 2% to $685. 

Last October, interest rates were at 3.266%, but now they’ve more than doubled to 7.049%. This increase is the main factor plaguing buyers who are trying to qualify in this market. Right now, buyers can get some money back for closing costs and for interest rate buydowns.

If you have any questions, give us a call or send us an email. We look forward to hearing from you.