West Hills Real Estate Market update for October 2022
October 2022 real estate market in West Hills, CA cooled off slightly with the higher interest rates. According to the Forbes Advisor, at the end of October the average 30-year fixed mortgage rate was 7.10% and 15 year fixed rate was 6.42%. Although this slowed down the buyers in comparison to the spring and summer months of 2022, in West Hills, CA the market remained to be the “seller’s market” although moving towards “neutral”
In October there were 37 homes sold in West Hill and 35 new came on the market. The Median Sold price was $976,000, a $16,000 increase from $960,000 in September, 2022. The Sale-to-List price fell just slightly from 99% to 97%, meaning that buyers are now able to negotiate home prices and close escrow below or at asking price. This changed significantly from the summer months where homes were selling 5-10% over asking. Homes remained on the market for 37 days which is only 1 day increase from September.