1038 ET - Home sales plummeted in Pacific Palisades and Altadena following January's devastating Los Angeles wildfires, Redfin reports. In February, Palisades saw 12 homes sold, a 56% drop year-over-year, while Altadena had 32 sales, down 43%. Listings also declined, with 23 new listings in Palisades--down 12% year-over-year--and 46 in Altadena--down 6%. Sale prices diverged: Altadena's typical home sold for $1.2 million, lower by 8% year-over-year, while Palisades' rose to $2.9 million, up 32%. The wildfires, including the Palisades and Eaton fires, destroyed thousands of homes, driving displaced residents into rentals and pausing home searches. Redfin agents note a wait-and-see attitude among buyers and sellers, with homeowners holding off due to valuation fears and buyers canceling contracts over insurance costs and future fire risks. (chris.wack@wsj.com)
(END) Dow Jones Newswires
March 24, 2025 10:38 ET (14:38 GMT)
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