Condominium sales in Los Angeles have fallen to a two-decade low, weighed down by headwinds that show little sign of shifting anytime soon.
Real estate data firm Attom reports fewer than 2,000 condo units were sold in January and February, the weakest sales for those months since 2005 and the worst start to a year in two decades.
The median price of a condo in Los Angeles also fell nearly 5% compared with 2025 and have stagnated at around $700,000 for a two-bedroom unit for the past two years.
Real estate experts point to a combination of high mortgage rates, rising HOA fees and general consumer anxiety about the economy as major factors weighing on demand.
“In California, it’s becoming clearer that (condos) are more expensive to own than people think,” Richard Green of the Lusk Center for Real Estate at USC told the Los Angeles Times. “We haven’t built much lately.”
On the supply side, developers have largely pulled back from building condos.
Industry analysts told the Los Angeles Times that California’s strict regulations, soaring construction costs and a 10-year liability window for homeowners associations have made condo projects far less enticing, pushing builders instead toward rental apartments.