The San Gabriel Valley housing market held steady this week, reflecting the state’s broader slowdown but maintaining consistent local activity. According to the California Association of Realtors, for the week ending Nov. 8, agents across California averaged 485 daily closed home sales, alongside 512 new pending sales and 568 new listings. The numbers suggest a balanced market, with sellers staying active and buyers showing restraint amid high borrowing costs.
Local agents from El Monte to Baldwin Park describe a market adjusting to higher interest rates but not stalling. “Buyers are still out there, but they’re taking their time,” said a South El Monte Realtor. “Homes are selling when priced right, but anything over market value sits longer than it did this summer.”
Local Inventory and Sales Patterns
Closed sales edged up 0.4 percent from the previous week, while pending sales dropped 6.4 percent. About one in four agents statewide closed a sale, and a similar share listed a new property, signaling a modest dip in new activity. Across the San Gabriel Valley, Baldwin Park and Irwindale saw more listings come online after months of limited supply, while Rosemead and Temple City experienced minor slowdowns in buyer traffic.
Homes priced below $700,000 continue to dominate demand, especially among first-time buyers. In El Monte, agents report multiple offers for entry-level properties, though bidding wars have cooled from early fall. At higher price points, sellers are adjusting expectations, offering closing cost credits or price reductions to attract buyers who remain sensitive to mortgage rate fluctuations.
Cautious Optimism for Winter
Realtors across California show measured confidence heading into the holidays. About 12.4 percent expect sales to increase in the coming weeks, while nearly 29 percent anticipate more new listings. Only 5.9 percent predict higher prices, indicating growing stability rather than sharp appreciation. For San Gabriel Valley residents, this could mean a late-season opportunity to buy before inventory tightens again in January.
Market watchers say the region’s fundamentals remain strong. Good schools, proximity to major job centers, and diverse housing options keep demand steady despite financial pressures. Local agents expect a modest uptick in listings before the year ends as homeowners look to capitalize on current values and avoid potential rate cuts that could bring more competition in spring.
The next several weeks may offer buyers slightly more leverage than they’ve had in months. For sellers, competitive pricing and move-in-ready condition remain key to closing deals quickly.
For more statewide market data and housing analysis, visit the California Association of Realtors at car.org.
