Los Angeles Home Prices Face Pressure as Sellers Adjust to Slower Demand

With More Listings and Fewer Buyers, Sellers Are Lowering Expectations

Los Angeles homeowners are joining a national wave of sellers lowering their asking prices as rising costs, high mortgage rates, and increased inventory reshape the housing market.

A new Redfin report found that 16.7% of U.S. home sellers dropped their list price in August , the highest level for that month since 2012. While Los Angeles remains one of the more resilient housing markets, roughly 14.4% of local listings saw price cuts, a sign that even high-demand coastal areas are beginning to feel the slowdown.

Typically, price reductions ease in late summer as the housing market cools seasonally, but that wasn’t the case this year. The August figure was only slightly below the record pace of cuts seen