As we enter the September, the market reports from summer real estate activity reveal a slowing market volume in residential sectors. For the summer months just ending, the number of Los Angeles sales hovered around 3,850 each month. Yes – that’s a lot of home sales, but compared with the summer months of last year when that number was 5,500 each month, that’s approx. 1,650 less homes selling each month now.   Some of this slowdown is simply less inventory to sell because so many homes have sold over the last year, and some of the slowdown is increased mortgage rates causing home budgets to be tightened beyond purchase range. One participating cause we see – especially in the luxury price ranges, is last year’s “Opportunistic Sellers”, expecting record high prices and endless multiple offers, have realized that party is over, so they are not bringing their unrealistically priced homes to market.   I believe we are marching toward a more balanced marketplace, where both Buyers and Sellers are fairly served. Not a bad thing at all, in my opinion. The news outlets agree with this as they report longer market times for homes, more price negotiation at the closing table, and slowing price increases month over month compared to last year. Prices have not fallen actually-- reporting year over year increases anywhere from 5-8%. Forecasters predict that by December, that yearly increase percentage may end up being only 2.6%.   Our Team is celebrating the arrival of agent Bill Cooper and his Downtown Los Angeles team. Bill is an experienced veteran in our industry and also President of the Downtown Real Estate Association. We are proud supporters of downtown improvements underway following a rough time there during the Pandemic. Beautiful new buildings are being completed and the area is beginning to return as a destination for homeowners, cultural activities, foodies, and retail. We will see you there! -Ernie