Year-to-date multifamily sales volume in greater Los Angeles has dropped 66% compared to the activity in the first half of last year, plunging to $2.3B from the $6.6B in H1 2023.
According to a new report from Colliers, the average price per unit in the second quarter was $391K, down 8% YOY. A combination of rising interest rates and the new property transfer tax in Los Angeles are expect to keep sales activity light until the economic climate improves, the report said.
Occupancy dipped to 95.2%, a quarter-over-quarter drop of 40 bps and a drop of 110 bps in a year-over-year comparison, the fifth consecutive quarter occupancy has gone down in Los Angeles.
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