The Los Angeles Koreatown housing market showed signs of improvement in July 2024, with stronger single-family activity offsetting slower condo sales. The Koreatown home sales trend indicates closings remained steady or increased compared to the prior month, hinting at a potential recovery.
According to data from Dream Realty, a Korean American real estate agency, a total of 74 homes changed hands in Koreatown in July 2024, down 5 percent from 78 sales in July 2023. Single-family home transactions saw a modest uptick, but a sharp drop in condo sales pushed the overall total lower year-over-year. Compared to June 2024, however, sales held steady or rose slightly.
A total of 32 single-family residences were sold in July 2024, two more than the 30 sold in July 2023, a 7 percent increase. The figure matched June 2024’s total.
The average time on the market fell from 42 days last year to 35 days this year, a 17 percent improvement. Median sale price surged 24 percent to $1,752,236 from $1.41 million, while the average price per square foot climbed 9 percent from $831 to $907. Despite the higher costs, demand for single-family homes remained strong.
Condo sales, however, continued to struggle under high interest rates and weak rental income potential. Twenty units sold in July 2024, down 33 percent from 30 in July 2023. Still, this marked a rebound from the 13 condos sold in June 2024, a 53 percent month-to-month increase. The median condo sale price dipped 4 percent year-over-year to $717,500, with the average price per square foot holding steady.
Income property transactions also showed renewed momentum. Twenty-two such properties sold in July 2024, up 22 percent from 18 in July 2023 and 47 percent higher than the 15 sold in June 2024. Median days on market lengthened from 46 to 92, a sign that older listings were finally selling after extended periods.
Kenneth Chung, president of Dream Realty, said that while condo transactions remain below last year’s levels, the overall market mood has shifted from frozen to gradually thawing. He added that several more months of data will be needed to confirm whether a full recovery is underway.
The survey covered properties within ZIP codes 90004, 90005, 90006, 90010, 90019, 90020, and 90036, and results may differ from other areas of Koreatown.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
