In the first half of 2008, as the global financial system was crashing, 31,058 homes were sold across Los Angeles County.
In the first six months of 2025, only 30,292 residences were bought, or 2% below the real estate market’s ugliest point.
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 – including houses and condos, both existing residences and newly constructed.
Think about how the pandemic era altered Los Angeles homebuying by examining some simple math: ranking first-half sales going back to 2005.
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.
And bubble-squashed 2008? No. 5.
The price is wrong
June’s $915,000 median selling price was an all-time high after gaining 6% since 2022 – a sharp reversal from the 39% jump of 2019-22.
But note the 11% price slippage in the three years before 2008’s debacle. Don’t overlook the role of those mid-crash discounts in spurring a homebuying rebound.
L.A. sales jumped 27% in the 12 months ended June 2009.
Who can afford it?
What’s up with this slump? Well, it’s what’s down: The number of people who can pay up for a home.
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’s down from 16% three years ago, when home loans were still below 4% compared to 2025’s near 7% financing costs.
And mid-year 2008? 22%.
Elsewhere
And it’s not just L.A. for a historically sluggish first half.
Statewide, the first half was 7% slower than the 2008 crash pace.
In the Inland Empire, transactions ran 12% below that dark period.
And in Orange County, homebuying is only 1% above 2008 crash levels.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
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