In the first half of 2008, as the global financial system was crashing, 31,058 homes were sold across Los Angeles County.<\/p>\n
In the first six months of 2025, only 30,292 residences were bought, or 2% below the real estate market\u2019s ugliest point.<\/p>\n
This is a stark reminder, courtesy of my trusty spreadsheet, of the depths of the recent homebuying collapse using sales data from Attom. These stats track a broad swath of transactions \u2013 including houses and condos, both existing residences and newly constructed.<\/p>\n
Think about how the pandemic era altered Los Angeles homebuying by examining some simple math: ranking first-half sales going back to 2005.<\/p>\n
Over the last 21 years, the lowest sales count was found in the first six months of 2020. No. 2 was last year, and the third-slowest was 2023. This year was No. 4.<\/p>\n
And bubble-squashed 2008? No. 5.<\/p>\n
The price is wrong<\/p>\n
June\u2019s $915,000 median selling price was an all-time high after gaining 6% since 2022 \u2013 a sharp reversal from the 39% jump of 2019-22.<\/p>\n
But note the 11% price slippage in the three years before 2008\u2019s debacle. Don\u2019t overlook the role of those mid-crash discounts in spurring a homebuying rebound.<\/p>\n
L.A. sales jumped 27% in the 12 months ended June 2009.<\/p>\n
Who can afford it?<\/p>\n
What\u2019s up with this slump? Well, it\u2019s what\u2019s down: The number of people who can pay up for a home.<\/p>\n
Ponder an L.A. homebuying affordability index from the California Association of Realtors. It tells us that only 13% of households can theoretically qualify to buy. That\u2019s down from 16% three years ago, when home loans were still below 4% compared to 2025\u2019s near 7% financing costs.<\/p>\n
And mid-year 2008? 22%.<\/p>\n
Elsewhere<\/p>\n
And it\u2019s not just L.A. for a historically sluggish first half.<\/p>\n
Statewide, the first half was 7% slower than the 2008 crash pace<\/a>.<\/p>\n In the Inland Empire, transactions ran 12% below that dark period<\/a>.<\/p>\n And in Orange County, homebuying is only 1% above 2008 crash levels<\/a>.<\/p>\n