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The highlights from our comparison of last year’s market to today’s.

The prime rate is going up! Here are the highlights from August 2021 to August 2022 in the Burbank, Glendale, and North Hollywood markets: 

Last August, we had 248 sales compared to 191 this August, which is down over 23%. The average sales price last August was $953,000. This year it’s up by 11% to around $1 million. The average price per square foot last year was $673. This year it has increased by 4% to $701. 

However, the most dramatic change from last year is the interest rates. Last August the average rate was 2.957%, but at the end of August this year it was 5.806%. That’s a whopping increase of over 97%.

This is a lot of data to process—if you have any questions or comments, I'd love to hear from you. Send me an email or give me a phone call. I'm here for you.