Pending Home Sales Up in SoCal
By Kurt Real Estate Jun 17, 2020
According to a tally by Zillow, 8 percent more home sales contracts were signed in late May. It was the 6th straight week of gains after 7 weeks of declines.
A weekly report on activity from brokers’ listing services in Los Angeles, Orange, Riverside and San Bernardino counties shows existing homes went into escrow at a weekly rate of 3,241 for the seven days ended May 30.
SoCal owners listed homes for sale at a weekly rate of 4,137 — down 8.9 percent from the previous week and down 21.8 percent year-over-year. That put total inventory at 24,079 existing residences — down 0.7 percent from the previous week, and down 29.6 percent in a year.
The local housing market has been rebounding from economic turmoil created by “stay at home” orders designed to slow the coronavirus pandemic’s spread. With fewer restrictions on business, including home sales, plus historically low mortgage rates, both homeowners and house hunters are in a selling and buying mood.
How the data broke down in Los Angeles and OC
New Escrows: 1,799 contracts signed — up 12.8 percent in a week; up 55 percent in a month; down 17.1 percent over 12 months.
New Listings: 2,562 over seven days — down 9.1 percent in a week; up 13.3 percent in a month; down 22.4 percent in a year.
Total Inventory: 14,382 homes on the market — up 1 percent in a week; up 8.9 percent in a month; down 28percent over 12 months.
Median List Price: $431,676 — up 0.7 percent vs. the previous week; up 1.7 percent in a month; up 2.8 percent in a year. This means property is still appreciating at a healthy rate of nearly 3 percent year-over-year.
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