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(NASDAQ: RDFN) — Home sales fell by double digits in the Pacific Palisades and Altadena in the wake of January’s devastating Los Angeles wildfires, according to a new from Redfin (), the technology-powered real estate brokerage.

In the (), just 12 homes sold in February, down 56% from a year earlier. And in (), 32 homes sold, down 43% year over year.

Home listings fell in neighborhoods hit by the wildfires, too. Listings slowed a bit in February—but not nearly as much as sales. There were 23 new listings in the Palisades, down 12% year over year, and 46 new listings in Altadena, down 6%.

Sale prices dropped in Altadena and rose in the Palisades. The typical Altadena home sold for $1.2 million in February, down 8% year over year. But in the Palisades, one of the most expensive neighborhoods in , homes grew even more expensive; the typical home there sold for $2.9 million, up 32% year over year.

It stands to reason that home sales and listings dropped, as the Palisades and Eaton wildfires . Many homes no longer exist. Many of the people who were displaced by the fires rather than buying a new home, and many who didn’t lose their homes pressed pause on their house hunt as the wildfires wreaked havoc across the region.

Redfin agents say would-be homebuyers and sellers in the Palisades and Altadena adopted a wait-and-see approach. Many homeowners kept their homes off the market because they were worried values would go down, and some house hunters canceled contracts because they were nervous about insurance costs and possible future fires.

Now that a few months have passed since the wildfires, Redfin agents report that some house hunters who were looking in the Palisades or Altadena before the wildfires are looking in those neighborhoods once again—but away from particularly vulnerable streets. Redfin will provide updated housing-market data for these zip codes as it becomes available.

“I’m now working with a mix of people. Some of them were looking before the fires, and some started looking after,” said , a agent who works primarily in Altadena and Pasadena. “Most people want to stay away from the hillsides post-wildfires; they’re looking in flat residential communities. Of course they know living in the hillsides puts them at higher risk of wildfires, but insurance companies are also making it very tough to buy in the hills; many of them are asking for inspections, which I’ve never seen before, and giving astronomical quotes.”

In Greater L.A., the Market Is Gaining Momentum After a January Lull

While homebuyers and sellers backed off from the Palisades and Altadena the month after the wildfires, activity picked up in the metro as a whole.

Home sales rose 6.2% year over year in Los Angeles in February, a bigger increase than any other major metro area, and new listings rose 13.6%. The area’s median sale price increased 5.1% to $920,000, just shy of the all-time high.

The Los Angeles market is accelerating mostly due to pent-up demand; many prospective buyers and sellers backed off in January and returned to the market in February. Los Angeles agents say there are pockets of the metro area, especially places considered relatively safe from fires, where every listing is selling quickly with multiple offers.

New listings rose significantly in February in many neighborhoods close to the Palisades and Eaton fires but not directly impacted by them. That’s partly because many people who were displaced by the fires needed a new place to live and many homeowners in adjacent areas listed their home to meet demand.

For instance, in Palisades-adjacent zip code (), home sales rose 23% year over year in February and new listings shot up 81%. In (), located next to Altadena, new listings increased 34%, and in (), also next to Altadena, new listings rose 63%.

Sales and listings also soared in parts of Los Angeles farther from the fires. Take (), located in the southern part of Los Angeles County: In that area, home sales rose 58% year over year in February, new listings rose 72%, and prices increased 19%.

“One thing I’m noticing: people I met with six months or a year ago are suddenly calling, saying they want to list their homes,” said , a Los Angeles agent who focuses on places in southern Los Angeles. “Many of them want to capitalize on the demand and high prices from people who were displaced by the fires, and are now moving from a short-term rental into a more permanent home.”

Please note that Redfin is reporting on small, zip-code level sample sizes to provide a snapshot of what happened in the immediate aftermath of the Palisades and Eaton fires in the neighborhoods impacted most. Redfin will keep an eye on what happens in the coming months. Also note that this data includes homes only; it doesn’t include parcels of land with no structures.

To view the full report, please visit:

About Redfin

Redfin () is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit . To learn about housing market trends and download data, visit the . To be added to Redfin's press release distribution list, email . To view Redfin's press center, .

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