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Single family home prices approaching peak, paving the way for sustained multifamily demand

  • Home prices have more than doubled in the last eight years and are fast approaching the previous peak, pricing many potential buyers out of the market. 
  • Limited for-sale housing supply is compounding the issue. It would take only 2.8 months to exhaust the current supply of homes on the market at today’s sales pace. A balanced market carries about six months of supply. Fewer homes on offer has buyers outbidding each other, creating stiff competition and delaying homeownership for some.​
  • Multifamily rents are $2,313 on average throughout the county, up 2.4 percent since June. Even with a supply pipeline of more than 11,000 units, landlords remain confident. Concessions are dwindling across the board, but tenants can still find them in a handful of submarkets, most notably in DTLA where the bulk of new supply will land. 

Sources: JLL Research, California Association of Realtors, Axiometrics​

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