LA County home median sale price jumps $30,000 from July to August.
U.S. Home Purchase Applications Hit 27 Year Low
Here is another sign that there are not enough homes for sale on the market.
If we had more housing inventory, we would not have this issue. I am still seeing strong buyer demand out in the field.
We just had the slowest-selling April in 35 years
Home sales across Southern California have fallen steeply, with the number of deals down by almost half.
Buyers closed on 13,201 single-family homes and condos in April, down 46 percent in a year, the Orange County Register reported, citing figures from CoreLogic.
It was the third biggest, year-over-year drop since records began in 1988.
The wrench in the machine is high mortgage rates and low housing inventory, with the local housing market seeing its slowest-selling April in 35 years. It was also the 18th-worst sales month total on record.
Sales in Los Angeles were down 39 percent, according to the Register.
The Southern California market has a 2.5-month supply of single-family homes waiting to be sold, 34 percent below the average since 2008.
Housing inventory rising to pre-pandemic levels
After several years of extremely depressed inventory available for sale, buyers are seeing the number of options available on the market return to pre-pandemic levels.
Last week, there were nearly 46,000 homes listed on various MLS's across California. That is well above 2021 levels and is approaching the 2020 peak reached before the effects of the pandemic began to erode supplies.
Listings of homes priced below $600,000 have started to rise as well, with twice as many homes between $400,000 and $600,000 for sale last week than at the beginning of the year.
30 of Burbank's 58 listings hit the market in the last 8 days.
There are 58 properties for sale in Burbank, and 30 of those have hit the market in the last 8 days! That means more than 1/2 of Burbank's current housing inventory came on the market in just the last week.
Are you seeing more properties for sale in your neighborhood?
