As we continue to speak out about the corporate decisions reshaping our industry — particularly around private listings and the quiet dismantling of our MLS system through a national MLS service being pushed forward by MRED and Compass — there’s something I want us all to keep in perspective — and I’m including myself in this.

It would be easy, as these conversations get louder, for things to drift into an “us versus them” mentality toward individual agents. I don’t want that to happen. Not from me, and not from anyone in this industry.

We see it all the time in politics. Someone belongs to a particular party, practices a certain faith, or comes from a different background — and suddenly they get lumped into a category. People stop seeing the individual. They only see the label. They direct their frustration and anger at an entire group based on the actions of a few. It’s one of the worst tendencies we have as human beings, and I refuse to let us fall into that same trap here.

Keeping the focus on people

So, let’s keep something important in mind: Compass agents are wonderful people, as are the other agents from different brokerages who might hold beliefs that are different from ours.

Most agents have the same goals and fears as the rest of us. They want to grow, to serve their clients well, to make a difference in the lives of buyers and sellers — and yes, to put food on the table for their families.

They chose to hang their license with a company because that company offered them something they valued. And honestly? A lot of what these organizations deliver in terms of tools, technology and marketing resources is genuinely impressive.

The push to upend the norms that have served our industry for decades is not coming from these colleagues. It’s coming from way higher up the corporate ladder.

The brokers and executives encouraging private listings are passionate, talented, fiercely competitive people. That competitive drive is exactly what got them to where they are.

But that same drive — that hunger for dominance and market control — is showing real consequences. Not just for you, the working agent, but for the buyers and sellers we are all ethically bound to serve.

The Clear Cooperation Policy exists for a reason: to protect consumers by ensuring broad market exposure and transparent competition. When listings are withheld from the MLS, buyers lose access to inventory, sellers may net less, and the playing field tilts toward whoever controls the most private inventory.

That’s not innovation. That’s consolidation dressed up as disruption.

But here’s my point — and it’s the heart of this piece.

For those of us working to push back and protect the open, cooperative marketplace that benefits everyone, we must never let our frustration with corporate decisions turn into hostility toward individual agents.

The person sitting across from you at the closing table who happens to carry a Compass business card is just another professional trying to do right by their clients. They didn’t design the policy. They’re navigating it, just like we are.

We can hold corporate leadership accountable for decisions that harm our industry and still treat every agent we encounter with the professionalism and respect they’ve earned. That’s not a contradiction. That’s character.

This industry was built on cooperation. Our entire value system — the MLS, the National Association of Realtors’ Code of Ethics, the cooperative commission model — was designed around the idea that agents work together in service of their clients, even across competing brokerages. The moment we turn on each other is the moment we hand the critics exactly the narrative they want.

So, as things continue to unfold, let’s stay clear on who we’re actually disagreeing with. Let’s direct our energy where it belongs — toward policy, toward leadership, toward systemic change — and keep the door open to every individual agent we meet along the way.

A Bel Air developer who spent seven years building a sprawling mansion overlooking the Bel-Air Country Club is betting the Los Angeles ultra-luxury market has room for another trophy listing.

The roughly 18,000-square-foot estate at 10830 Chalon Road is hitting the market for $65 million, Mansion Global reported. The unnamed seller originally intended the home as a personal residence, not a speculative flip, despite being a real estate developer himself, according to listing agents Aaron Kirman of Christie’s International Real Estate Southern California and Carolwood Estates’ David Parnes. 

The distinction is notable in a city flooded with supersized spec homes chasing a dwindling pool of well-positioned buyers. The seller bought the site in 2012 for $3.4 million and replaced an older home with a contemporary build that leans heavily into warm natural materials instead of the stark white interiors common in many newer L.A. luxury projects. He reportedly spent years and significant capital to build the home for himself and his family, but a drawn-out construction process and changing life circumstances led him to opt to sell instead.

“No one would build to this level of quality, detail and design and spend that much time — and, frankly, money — if it was purely on spec,” Parnes said. “He did build it for himself, and when you build something for yourself, you see it through a different lens.”

The estate sits on the 12th fairway of the Bel-Air Country Club, directly across from a $400 million megamansion that currently holds the crown as the most expensive home for sale in the country. The seven-bedroom home includes dual primary suites, separate staff quarters and extensive wellness amenities including an indoor lap pool, cold plunge, sauna, steam room and gym connected to outdoor entertaining areas and an overflow pool. 

The Chalon Road manse is the latest big-ticket home in Bel Air to hit the market. Bidding is underway for a seven-home property owned by Kuwaiti billionaire Bassam Alghanim after listing it for $105 million last month. 

— Chris Malone Méndez

Read more

Buyer bags bargain on Bel-Air mansion originally listed at $100M

“Fresh Prince” house hits market for $30M

Pat Crowley’s home at Bel-Air Country Club’s 8th hole listed for $16M

Avison Young secured a long-term lease for W Magazine at 1 World Trade Center in Lower Manhattan. The company will occupy 12,456 square feet on the 46th floor for its headquarters.

The Avison Young team of Joseph Gervino, Alexis Odgers and Jason Schwartzenberg represented W Magazine in leasing negotiations. The landlord, the Durst Organization, was represented internally by Karen Rose and by Newmark’s Paige Raisides.

“W Magazine, which was previously operating out of a sublease, was looking to establish a long-term headquarters in a high-quality building to reflect the strength of its brand and offer a compelling environment in which to host clients and collaborators,” said Gervino. “Companies are returning to making long‑term commitments to New York City and investing in permanent office environments that anchor their teams and operations.”

The new lease follows last week’s announcement that legal and compliance AI company Norm Ai leased 64,313 square feet at the 3.1-million-square-foot tower.

Home renovation guru Joanna Gaines is renowned for her elegant house-flipping skills—but when it comes to working on her own home, the HGTV star has admitted that things can get a little bit more chaotic than the picture-perfect version of events viewers see on TV.

Gaines, 48, and her husband, Chip, 51, are currently carrying out a major overhaul of the kitchen at their longtime Texas farmhouse, a project that has become decidedly more complicated by their refusal to temporarily leave the dwelling while construction is carried out.

The mother of five opened up about the mayhem that has erupted in their Waco, TX, abode as a result of the kitchen renovation, which is being done at around the same time that their younger kids are due to finish school for the year.

As a result, Gaines said she is being “stubborn” about remaining in the house as work is carried out, insisting that she wants her kids to maintain some stability during this time in their lives.

In a video posted to her Instagram account, Gaines opened up about the mammoth project, revealing a glimpse inside the havoc it has caused, while explaining that she is struggling to figure out how to balance the work with her parenting obligations.

“I’m trying to do this renovation in pieces. I am stubborn in that I refuse to move out. The kids have two weeks left of school,” she explained.

“This is going to be a fun two weeks of trying to figure out how to end the school year well, but also work through mothers’ emotional challenges through renovation.”

The reality TV icon and her husband share five kids: son Drew, 21, and daughter Ella, 19, who are away at college, plus sons Drake, 17, and Crew, 7, and daughter Emmie, 16, who are all still in school.

The upcoming end-of-year milestone hasn’t stopped the Gaines family from making some significant progress on the renovation, which Gaines proudly showed off in her clip.

“The guys moved this wall over. This beautiful hutch came in last week. We already painted behind it. This weekend we’ll paint the rest of the shiplap just a creamier white,” she said, pointing to the large furniture piece.

“But it is kind of funny that this is my normal,” she added, before gesturing to the kitchen cabinets and adding, “and then that’s a bit undone.” 

She then revealed a large window that was added to the room.

“This gorgeous old warehouse window went in, and then today, all of this goes away,” she said.

In the caption of her post, Gaines revealed that her home was going through its first makeover in over 15 years.

“Living through the farm renovation is building character, but getting a front-row seat to it all coming together is my favorite part. After almost 15 years, my kitchen is getting a whole new look,” she penned.

Just last week, Gaines showed off the work that has thus far been done in her kitchen while eating her breakfast.

The star could be seen munching on a breakfast burrito in the clip, which then panned over to her kitchen, which was filled with construction workers who have already made extensive progress on gutting the space and removing the existing cabinets and fixtures.

“Breakfast with a side of sawdust. #FarmReno,” she captioned the clip.

However, it appears that the Gaines family have a ways to go before they will be able to use their kitchen once again, with the space currently left almost entirely bare of all appliances.

The home pro’s fans flocked to the comments section to express their excitement about the space, begging Gaines to continue to provide updates.

“I can’t imagine redoing your kitchen when it was already so beautiful!” one person said.

Another social media user added, “Love this! Can’t wait to see the finished product!!!!”

Gaines has previously opened up about her farmhouse updates, revealing that she was also going to be transforming her son’s nursery into a walk-in pantry and expansive baking room.

The design expert frequently shows off her farmhouse, which she has previously branded her forever home, on her social media, showcasing the expansive amount of lush greenery.

Set on 40 acres, the dwelling has already undergone extensive updates conceived by the talented home design duo.

Gaines previously opened up about life inside her Waco farmhouse during an appearance on the “Today” show, sharing a glimpse inside some of the tips and tricks that viewers will find on her new show, “Magnolia Table: At the Farm,” which she hosts with Chip.

The on-air renovations expert, who hosts the show inside her own dwelling, explained that one of the “weird” ways she tries to make the abode more appealing to visitors is keeping an array of treats on offer in her kitchen at all times—a tradition she said was started by a wedding gift she and Chip received in 2003.

“There’s a cake plate stand on the island that since I first got married—it was like the first year, I got it for a wedding gift, and it was empty,” she explained. “We had so many friends and family coming in, and I was like, ‘I need to start having something in there,’ so it was kind of a weird rule I made.”

To this day, Gaines said, she continues to keep the cake stand fully stocked with baked goods to offer guests—or her children—whenever they want a sweet treat.

“The rule is just kind of always have something on the cake plate stand for the family or for guests,” she said.

However, she conceded that, after her two eldest kids moved out of the family’s abode to attend college, she ends up being the person who partakes most often.

“It’s really me now just eating the stuff, so that’s fun. It’s now for me,” she joked.

“Magnolia Table: At the Farm” marks a new chapter for the Gaines family, who had previously used a separate kitchen to film different installments of the series in a bid to preserve their own home as a safe haven.

To ensure that their family didn’t suffer too much disruption, Gaines revealed that she put in place some restrictions around when filming could take place—and how many people were allowed in their dwelling at a time during production.

Get real estate news in your inbox

Sign up now

Lendlease and joint venture partner Aware Super announced the opening of Habitat in Los Angeles along with welcoming the building’s first residents. The two-building live-work-thrive campus features luxury apartments, creative offices and restaurant-ready retail space.

The 12-story residential building, Habitat Residences, is located at 3411 S. La Cienega Blvd., where Culver City meets Los Angeles. The 260-unit community features studio, one- and two-bedroom apartments, in addition to penthouses on the top two floors.

Immediately adjacent to Habitat Residences is the six-story, 260,000-square-foot creative office building, which also includes 2,900 square feet of ground-floor retail space. CBRE is handling leasing.

“Connecting residents to the Southern California landscape was a priority at every touchpoint across Habitat, from the full-height windows and private terraces in both the residential and office buildings to the acre of open space that anchors the community,” said Ryan Burton, director of development, SVP, Lendlease.

On May 28, Connect Los Angeles brings together 600+ high-level owners, investors, developers, brokers, and lenders shaping the region’s market for a full day of insights and networking. Be in the room with decision-makers driving deals across LA, SoCal and the nation—register now: www.connectLA26.com

In 2026, with benchmark rates hovering between 6.5% and 7%, aiming for that coveted 5% mortgage rate can feel like an uphill challenge. However, by thinking outside the typical 30-year fixed loan box and employing a few smart strategies, securing a rate at or even below 5% is absolutely achievable. It’s not about luck; it’s about knowing where to look and how to negotiate.

Having spent years working with borrowers, I’ve seen how even small shifts in strategy can make a big difference in monthly payments and the total interest over the life of a loan. Here’s how you could position yourself to secure a 5% mortgage rate in 2026.”

How to Get a 5% Mortgage Rate in 2026?

The dream of a 5% mortgage rate, especially when average rates are higher, feels like finding a hidden gem. Based on my experience and current market trends, this often means stepping away from the standard 30-year fixed mortgage and exploring more creative avenues.

1. Harnessing New Construction Builder Incentives

Builders are often your biggest allies when trying to secure a lower rate, especially on new homes. They have a vested interest in selling quickly, and they have the capital to make it happen.

• Permanent Rate Buydowns: Many large homebuilders partner with mortgage companies or have their own to offer permanent rate buydowns. This is where the builder pays a portion of the interest upfront, permanently lowering your rate for the entire life of the loan. I’ve seen these offers frequently in the 4.99% to 5.25% range on 30-year fixed mortgages. It’s a fantastic way to get a low rate without significantly altering your monthly payment structure.
• Temporary Buydowns: Another strategy is a temporary buydown, often structured as a 2-1 or 3-1. For example, a 3-1 buydown means your interest rate is reduced by 3% for the first year, then 2% for the second year, and 1% for the third year, before settling at the full contract rate. While not a permanent 5% rate, it significantly lowers your payments in those crucial early years, giving you time to refinance or build equity.

2. The Power of Shorter Loan Terms

It’s a simple principle: less risk for the lender generally means a better rate for you.

• 15-Year Fixed Mortgage: Opting for a 15-year fixed loan instead of a 30-year term can typically shave off 0.5% to 1.0% from your interest rate. This means if the average 30-year rate is 6.5%, a 15-year term might put you in the 5.5% to 6.0% range, much closer to your 5% goal. While the monthly payments will be higher due to the shorter repayment period, the overall interest savings are substantial.

3. Considering Adjustable-Rate Mortgages (ARMs)

ARMs can be a powerful tool if you plan to move or refinance before the initial fixed period ends.

• Initial Fixed Period: Products like a 5/1, 7/1, or 10/1 ARM offer a fixed interest rate for the first 5, 7, or 10 years, respectively. After that period, the rate adjusts annually based on market conditions.
• Rate Discount: These introductory ARM rates are almost always significantly lower than their 30-year fixed counterparts. This makes hitting a 5% rate much more attainable upfront. My advice here is to carefully assess your long-term plans and the potential risks of rate increases down the line.

4. Buying Down Your Rate with Discount Points

This is a more direct way to lower your rate, but it requires an upfront investment.

• Upfront Fees: You can pay discount points directly to the lender at closing. One discount point typically costs 1% of your loan amount and can lower your interest rate by approximately 0.25%.
• The Math: If you’re aiming for a 5% rate and the best available rate is 5.75%, you might need to purchase about 3 discount points (3% of the loan value) to get down to 5%. It’s crucial to calculate your break-even point – how long you need to stay in the home for the savings from the lower rate to offset the upfront cost of the points. If you plan to sell or refinance before this point, it might not be the best strategy.

5. Leveraging Government-Backed Programs

Certain government-backed loans are designed to make homeownership more accessible, often with more favorable rates.

• Assumable Loans: FHA and VA loans can be assumable. This means if you find a seller who has one of these loans with a rate at or below 5% (which is quite possible if they secured it a few years ago), you may be able to take over their existing mortgage. This is a fantastic way to bypass current market rates entirely. However, you’ll still need to cover the seller’s equity.
• Government Rate Baselines: Even without an assumable loan, FHA, VA, and USDA loans generally have lower baseline interest rates and more flexible qualification requirements compared to conventional loans.

6. Maximizing Your Financial Profile

Your financial health is a huge factor in the rate you’ll be offered. Lenders see a strong financial profile as less risk.

• Credit Optimization: A FICO score of 780 or higher is generally considered excellent and will unlock the best available interest rates. If your score is lower, focus on paying down debt and ensuring on-time payments to boost it before applying.
• Bank Relationships: Sometimes, deepening your relationship with a bank where you already have significant assets can pay off. Some institutions offer preferential rates or waive fees for their premier or high-balance depositors.
• The 20% Down Payment: While not always necessary for a 5% rate, putting 20% down eliminates Private Mortgage Insurance (PMI) and signals to lenders that you are a very low-risk borrower, often qualifying you for their best pricing tiers.

Comparing Paths to a 5% Mortgage Rate

To help visualize the different approaches, here’s a quick comparison:

Strategy	Property Type	Upfront Cash Required	Rate Type	Risk Profile	Notes
Builder Incentive	New Construction	Often $0 (paid by builder)	30-Year Fixed	Very Low (rate locked for life)	Look for permanent buydowns; check builder’s preferred lender.
15-Year Fixed + Points	Existing Property	2.5% – 3% of loan amount (for points)	15-Year Fixed	Low (higher monthly payment)	Calculate break-even point carefully.
Seller Concession Buydown	Existing Property	$0 (paid by seller, negotiated)	30-Year Fixed	Low (requires motivated seller)	Negotiate as part of the purchase agreement.
Temporary Buydown	Either	Varies (builder or seller can fund)	30-Year Fixed	Low initially, increases over time	Great for first few years; ensure you can afford rate after period.
ARM (e.g., 7/1)	Either	Often $0	Adjustable	Medium (rate is variable after fixed period)	Best if you plan to move or refinance before rate adjusts.
Assumable Loan	Existing Property	Varies (equity gap to seller)	FHA/VA (Existing)	Low (if current rate is good)	Requires finding a specific type of listing and seller.

Remember, hitting a 5% mortgage rate isn’t guaranteed and often involves trade-offs. It might mean compromising on the exact house you want, accepting a shorter loan term, or paying more upfront. However, by understanding these strategies and working closely with your real estate agent and loan officer, you can significantly increase your chances of securing that favorable interest rate in 2026.

Onni Group is scrapping its pre-pandemic office expansion plans at Wilshire Courtyard in favor of a hefty housing play that would bring more than 2,500 apartments to Miracle Mile.

The Vancouver-based developer filed plans with the City of Los Angeles for two 67-story residential towers at 5700 Wilshire Boulevard, Urbanize Los Angeles reported. 

Onni is looking to replace portions of the existing Wilshire Courtyard office complex with nearly 2,600 apartments and roughly 56,000 square feet of retail space geared toward a grocery store and restaurants. The units would come in studio, one-, two- and three-bedroom floor plans. 

The project would preserve roughly 445,000 square feet of the existing office campus while demolishing about 557,000 square feet, resulting in a redeveloped property totaling 2.4 million square feet. The towers, designed by SCB, would rise 797 and 796 feet, making them the fourth- and fifth-tallest buildings in Los Angeles if completed today. New podium garages with 2,129 parking spaces would be wrapped by apartments, while amenities would include pool decks, landscaped courtyards and a private roadway through the site

Onni is leaning on density bonus incentives to supersize the project. The plans include 197 apartments reserved for very low-income households, typically capped at an annual income of $53,000 for one person or $75,750 for a household of four. By including some affordable units, the developer can seek waivers on height and floor-area restrictions. 

The proposal comes as office landlords across Los Angeles continue to recalibrate around weak leasing demand and transit-oriented housing incentives. Onni’s earlier vision for Wilshire Courtyard consisted entirely of offices, with the firm previously proposing adding 1.8 million square feet of office space to the site. 

That concept emerged before remote work reshaped demand for large office campuses. Onni acquired Wilshire Courtyard from Tishman Speyer in 2019 for $630 million, The Real Deal reported — before the pandemic popularized remote and hybrid work. The firm narrowly avoided distress after facing foreclosure in 2023 before securing an extension on its $384 million commercial mortgage-backed securities loan from Natixis.

Onni remains active in Southern California despite some market turbulence, with residential projects underway or proposed in Glendale and Long Beach, as well as approved projects in Hollywood and downtown Los Angeles, according to Urbanize.

— Chris Malone Méndez

Read more

Teardown marks transformation of Marina Shores in Long Beach

Onni Group wins reprieve for $384M loan on Miracle Mile office campus

Onni Group to buy Wilshire Courtyard for $630M: sources

Reality TV hitmaker Bravo is following in the footsteps of “Yellowstone” and throwing its cowboy hat into the rancher ring with the launch of a series that will center around the lives of a group of Texas wives “as they raise families, run ranches and farms, and manage sparkling social calendars.”

The series, which has been given the working title “Secrets, Lies, Texas Wives,” will be set in the town of Boerne, which is located 30 miles north of San Antonio and has a population of just 20,000 people.

Interestingly, Bravo’s announcement of the show comes just days before the latest “Yellowstone” spinoff, “Dutton Ranch”—which is also based in Texas—is set to premiere, with the series touted as following the characters of Rip Wheeler and Beth Dutton as they “gamble everything on a new life in Texas” after leaving Montana.

While Bravo has not pointed to showrunner Taylor Sheridan‘s “Yellowstone” franchise as the inspiration for its new reality series, the TV writer and producer has long been credited with sparking a surge of interest in the rancher lifestyle—as well as prompting a significant uptick in interest from homebuyers seeking out their own expansive properties in rural areas like Montana and Texas.

Still, the network’s description of “Secrets, Lives, Texas Wives” reads almost like a plot synopsis for one of Sheridan’s shows, stating: “In the heart of Texas Hill Country is the picture‑perfect town of Boerne where wealth, beauty, faith, and family reign supreme.

“Centered on a tight-knit circle of glamorous women, this series follows their lives as they raise families, run ranches and farms, and manage sparkling social calendars in a town rooted in rodeos and tradition.

“Behind the polished smiles and Sunday sermons, however, there are intimate relationships and forbidden romances that test loyalties and marriages, jeopardizing the town’s pristine image and proving that perfection is far more complicated than anyone could imagine.”

No details have yet been revealed about who will feature in the show—nor has a premiere date been announced.

According to local outlet My San Antonio, the news about the show has proven somewhat divisive among Boerne locals, some of whom expressed frustration at the idea of Hollywood descending upon their rural haven.

Comments posted to a local Facebook message board revealed some of the varying opinions about the show, with one person stating: “None of us moved to Boerne for Hollywood to descend upon us. They have Austin—can’t we just keep it that way?”

“This garbage has no business in this town,” another person wrote. “Typical Coasties, see something beautiful and immediately ruin it. You should all be ashamed of yourselves.”

“Go away honestly. Boerne isn’t about that. We don’t want Hollywood trash here,” a third person chimed in.

Others noted that the network’s description of the show doesn’t portray what ranch life in Texas is really about, with one writing: “Absolutely not a good depiction of what Texas entails! Come to my house where we still milk dairy cows, have breakfast from the eggs from our coop every morning, and butcher Quail for snacks!”

The announcement of the series comes after Bravo pulled the plug on another Texas-based series, “The Real Housewives of Dallas,” over poor ratings.

It has been struggling to land a Western-inspired hit since 2019, when it debuted another Texas-based series, “Texicanas,” which followed a more metropolitan group of stars who were based in San Antonio.

In contrast, Boerne is a more rural community that has a long legacy of ranch properties, although in recent years, several of its largest ranches and farms have been transformed into master-planned communities.

There are more than two dozen ranches and land parcels listed in and around Boerne, with prices ranging from $759,000 for a 12.5-acre plot to $13.3 million for an impressive spread that totals close to 400 acres.

Several of the properties look almost identical to those featured in the upcoming “Dutton Ranch,” which was shot in multiple locations across Texas, including Ferris, Fort Worth, Dallas, Weatherford, Boyd, Cleburne, and Mineral Wells.

Interestingly, while the bulk of filming took place in North Texas, the show is actually set in the southern part of the Lone Star State, according to its description, which notes that the show will follow Rip, played by Cole Hauser, and Beth, played by Kelly Reilly, as they relocate from Montana to a 7,000-acre property in the state.

It marks the second of Sheridan’s shows to be set primarily in Texas, following in the footsteps of “Landman,” which stars Billy Bob Thornton as Tommy Norris, a landman for a major oil company in West Texas.

While he focused his first major Western hit in Montana, Sheridan has a very close connection to the Lone Star State, where he owns two enormous ranches, both of which have been used as filming locations for his shows in the past.

Per The Wall Street Journal, he charged the network $50,000 a week to use his properties as a set for the show, while the training camp reportedly cost Paramount an additional $214,979.

Sheridan has stakes in two ranches in the Texas area, one of which, the iconic Four Sixes Ranch, he bought as part of an investment group for an eye-watering $320 million in 2022. Back in 2013, he purchased Bosque Ranch for $264 million as a base for his family when they relocated to Texas from Los Angeles.

Together with his wife, actress-model Nicole Muirbrook, and their son, he splits his time between two Texas ranches. The 600-acre Bosque Ranch, located in Weatherford, is his home base and where he’s mainly headquartered, he’s said.

“The main headquarters where we live is more of a horse ranch, because I’m pretty deep into the horse deal. And then the ranch out by Jacksboro is more where we run the cattle,” he previously told Cowboys and Indians.

Get real estate news in your inbox

Sign up now

Even as the relentless rise in Los Angeles housing costs seems to have paused, condominium sales slowed to a trickle this year.

The number of condo units sold in the first two months slid to a more than 20-year low, according to figures from real estate data firm Attom. The median price of a condo fell nearly 5% in February compared with a year earlier, the property information provider said.

Cooling condo sales may be an early sign of broader weakness in the market.

Stubbornly high home-loan rates, a decline in the construction of new units, and economic angst are all keeping people and property developers from doing more deals, said Richard Green, director of the Lusk Center for Real Estate at USC.

“When the housing market softens, and it has, condos usually go softer faster than single-family homes,” he said. “People prefer single-family houses to condos.”

The median price of a Los Angeles County condo fell 4.5% in February, compared with a year earlier. The median price of a single-family home fell 1.6%.

Median rents in L.A. recently fell to a four-year low, a small sign of hope for tenants who felt like it was only a matter of time before they were priced out of the city.

Condos, like other properties, shot up in value earlier in the pandemic but have been moving sideways in L.A. for the last two years, with the median price meandering around $700,000 for a two-bedroom condominium.

“The market is experiencing more of a pricing plateau than a major correction,” said Rob Barber, chief executive of Attom.

Even as prices have flattened out, fewer deals are getting done.

In January and February, fewer than 2,000 condominiums were sold in Los Angeles County, according to Attom data. That is more than 40% fewer than a recent peak five years ago, and the worst start to the year since 2005, when Attom began collecting the data.

Unlike other big cities such as Miami, New York and Chicago, which are known for abundant condo choices, Los Angeles and other California cities have fewer options, in part because many housing developers steer clear of building them.

Developers say California’s high costs of land and labor, as well as tough government regulations, fees and taxes, have forced them to stop building in the Golden State, even as prices have soared.

L.A.’s weak condo market is part of a larger development problem in which builders increasingly favor rental apartments — or avoid the region altogether.

San Diego is a rare example of a nearby metropolis that has been able to convince more builders to build more.

The city is more welcoming to developers, industry insiders say, with fewer regulations and fees, better planning and less rent control.

In the last quarter of 2025, the number of new apartments under construction in San Diego County rose 10% from three years earlier, CoStar data show. New apartment construction in Los Angeles County tumbled 33% over the same period, hitting an 11-year low in the three months through December. San Diego is expanding its apartment pool at nearly twice the rate of L.A. and other major city clusters in the state.

Condos are particularly tough for builders to invest in because California law allows homeowners associations, or HOAs, to sue developers for construction defects for up to 10 years after a building is completed.

It is common for an HOA to sue the developer as the 10-year statute of limitations nears, often for what developers consider minor or perceived issues. Because of the high litigation risk, the insurance premiums that developers pay for condo projects are often three to five times higher than those for an identical apartment building.

Occupied apartment buildings, meanwhile, are considered stabilized assets. A developer can build them, fill them with renters, and then sell the entire building to an investor, such as a pension fund or a real estate investment trust, for a predictable profit.

“If you sell it, you’re done,” Green said. “The multifamily market has been overwhelmingly a for-rent product for many, many years here in California.”

None of the six Southern California counties from Ventura County to San Diego County tracked by Attom saw median condo prices rise year over year. The biggest drop was 8.6% in Ventura County in February from a year earlier.

“Condo buyers tend to be more rate sensitive and are also dealing with rising HOA fees, insurance costs and stricter financing conditions,” Barber said. “At the same time, condo prices have remained relatively resilient, suggesting demand has cooled but not disappeared altogether.”

HOA fees have been rising with inflation and the upkeep costs of older buildings, making it tougher for consumers to buy condos.

“In California, it’s becoming clearer that they are more expensive to own than people think,” Green said. “We haven’t built much lately. The condominium market is generally older, 40- to 50-year-old places, and they need a lot of work. A lot of capital improvements are coming home to roost.”