SoCal pending home sales back above 2019 pace – Daily News

on Jun29
by | Comments Off on SoCal pending home sales back above 2019 pace – Daily News |

Southern California house hunters put more homes into escrow for the ninth consecutive week, pushing the buying pace above the year-ago for the first time in 14 weeks.

Zillow’s weekly report on activity from brokers’ listing services in Los Angeles, Orange, Riverside and San Bernardino counties shows 3,633 existing homes put into escrow in the week ended June 20 — up 1% in a week and up 6% from 2019. It’s the first year-over-year advance since March 14 as local housing rebounds from economic turmoil created by “stay at home” orders designed to slow a pandemic’s spread.

The week’s gains are the smallest since the upswing started. One reason cited by agents are limited options to buy. But could the euphoria of the economy’s reopening be wearing off?

Southern California owners are still not in a heated selling mood. They listed 4,564 homes for sale in the week — up 2.3% vs. the previous week; but down 22% in a year. That put total inventory at 28,694 — down 0.3% vs. the previous week; and down 27% in a year.

Let’s remember, even with fewer restrictions on business — including home sales — Southern California has a 18% jobless rate. And there’s a geographic divide to the rebound: coastal markets are cooler than inland.

STAFF GRAPHIC

Look at data for Los Angeles and Orange counties …

New escrows: 2,058 contracts signed — up 4.2% in a week; up 35% in a month; down a thin 0.1% over 12 months.

New listings: 2,821 over seven days — up 0.7% vs. the previous week; down 2.8% in a month; down 22% in a year.

Total inventory: 17,363 homes on the market — up 1.2% in a week; up 8.7% in a month; down 25% over 12 months.

Median list price: $901,600 — up 1.2% vs. the previous week; up 3.8% in a month; up 7.3% in a year.

STAFF GRAPHIC

Then ponder what’s up in the Inland Empire …

New escrows: 1,575 — down 3.3% in a week; up 15% in a month; up 16% over 12 months.

New listings: 1,743 — up 4.9% vs. the previous week; down 0.4% in a month; down 21% in a year.

Total inventory: 11,331 — down 2.5% in a week; down 5.7% in a month; down 29% over 12 months.

Median list price: $439,778 — up 0.9% vs. the previous week; up 2.9% in a month; up 3.8% in a year.

STAFF GRAPHIC

Compare it to statewide trends, which show a faster rebound …

New escrows: 8,127 — up 0.2% in a week; up 21% in a month; up 23% over 12 months.

New listings: 10,573 — up 2.2% vs. the previous week; down 1% in a month; down 19% in a year.

Total inventory: 49,819 — down 2.9% in a week; down 7.9% in a month; down 36% over 12 months.

Median list price: $675,670 — up 2.2% vs. the previous week; up 8.0% in a month; up 12.7% in a year.

And national stats show the U.S. market as brisk as the state …

New escrows: 87,626 — up 2.1% in a week; up 14% in a month; up 21% over 12 months.

New listings: 133,168 — down 1.2% vs. the previous week; up 3% in a month; down 21% in a year.

Total inventory: 1,113,684 — down 0.6% in a week; down 0.7% in a month; down 19% over 12 months.

Median list price: $335,160 — up 0.7% vs. the previous week; up 3.1% in a month; up 3.2% in a year.

Do not forget: Pending sales typically require numerous approvals, most notably from lenders in deal with a mortgage, before the sale closes. Last month was the slowest May for closed sales in Southern California in the 32 years DQNews has tracked the market.



Previous postClippers Sign Joakim Noah to Deal for Rest of the Season – NBC Los Angeles Next postIn retail, jobs may be gone for good


Los Angeles Financial times


Copyright © 2020 Los Angeles Financial times

Updates via RSS
or Email