Southern California house hunters put 3% fewer homes into escrow in the most recent week, the first homebuying drop in 11 weeks.
Zillow’s weekly report on activity from brokers’ listing services in Los Angeles, Orange, Riverside and San Bernardino counties shows the housing market’s first slip amid a rebound from economic turmoil created by the coronavirus pandemic.
With 3,647 existing homes put into escrow in the week ended July 4, the buying pace is 1% above a year ago. Bear in mind, the holiday weekend could be a factor in the cool-off.
Finding something to buy is a challenge. Southern California owners listed 4,592 homes for sale in the week — up 2% vs. the previous week but down 18% in a year. That put total inventory at 28,068 — down 1% vs. the previous week and down 29% in a year.
Record low mortgage rates have put house hunters in a buying mood since early April. But the durability of an employment rebound is now in question. A recent spike in COVID-19 infections has forced a slowdown, if not reversal, of some business reopenings.
This economic uncertainty led CoreLogic to forecast a drop in Southern California home prices. The data tracker predicts Los Angeles County prices will drop 6.3%, Orange County 5.2%, and the Inland Empire 2.4% in the coming 12 months.
Here’s how Zillow’s July 4 data broke down in Los Angeles and Orange counties …
New escrows: 2,100 contracts signed — down 4% in a week; up 14% in a month; down 6% over 12 months.
New listings: 2,821 over seven days — down 1% vs. the previous week; down 2% in a month; down 16% in a year.
Total inventory: 17,450 homes on the market — up 0.2% in a week; up 3% in a month; down 26% over 12 months.
Median list price: $923,178 — up 1% vs. the previous week; up 4% in a month; up 9% in a year.
Selling speed: 19 days, median time for homes entering escrow from listing, 8 days faster than this time last year.
In the Inland Empire …
New escrows: 1,547 — down 1% in a week; down 2% in a month; up 11% over 12 months.
New listings: 1,771 — up 7% vs. the previous week; down 6% in a month; down 20% in a year.
Total inventory: 10,618 — down 3% in a week; down 10% in a month; down 34% over 12 months.
Median list price: $446,760 — up 1% vs. the previous week; up 3% in a month; up 5% in a year.
Selling speed: 21 days, median time for homes entering escrow from listing, 11 days faster than this time last year.
Statewide …
New escrows: 8,214 — down 0.3% in a week; up 7% in a month; up 14% over 12 months.
New listings: 10,364 — up 1% vs. the previous week; down 10% in a month; down 20% in a year.
Total inventory: 46,847 — down 3% in a week; down 11% in a month; down 41% over 12 months.
Median list price: $697,571 — up 1% vs. the previous week; up 8% in a month; up 16% in a year.
Nationally …
New escrows: 82,488 — down 4% in a week; down 0.04% in a month; up 13% over 12 months.
New listings: 124,516 — down 2% vs. the previous week; down 8% in a month; down 27% in a year.
Total inventory: 1,097,755 — down 1% in a week; down 2% in a month; down 22% over 12 months.
Median list price: $338,760 — up 0.5% vs. the previous week; up 3% in a month; up 4% in a year.
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July 11, 2020 at 01:07PM
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Market peak? Southern California homebuying drops, 1st dip in 11 weeks - LA Daily News
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