Southern California house hunters put 5% more homes into escrow in the most recent wk, the 8th straight weekly increase, as the buying pace now is running just 2% shy of Y 2019.
Zillow’s (NASDAQ:Z) weekly report on activity from brokers’ listing services in Los Angeles, Orange, Riverside and San Bernardino counties shows the local housing market is rebounding from economic chaos created by stay at home orders designed to slow the economy.
With 3,605 existing homes put into escrow in the week ended 13 June, pending sales are up 172 in a wk but down 78 in a yr.
Options for house buyers are narrow. Southern California owners listed 4,452 homes for sale in the wk — down 8.3% Vs the prior wk and down 15.1% in a yr. That put total inventory at 28,778 — up 0.2% Vs the prior wk but down 26% in a yr.
Fewer restrictions on businesses, including home sales, plus ultra low mortgage rates are putting sellers in a selling mood. But even after a significant run-up, some bits of the market still trail yr-ago markss.
How the data breaks down in Los Angeles and Orange counties …
New escrows: 1,974 contracts signed, up 7.6% in a wk; up 34% in a month; down 10.9% over 12 months.
New listings: 2,793 over 7 days, down 3.5% Vs the prior wk; up 13.9% in a month; down 12.5% in a yr.
Total inventory: 17,156 homes on the market, up 1.659% in a wk; up 10.4% in a month; down 25.7% over 12 months.
Have a healthy week, Keep the Faith!