3,605 new escrows: up 172 in a week, down 78 in a year
Southern California house hunters put 5% more homes into escrow in the most recent week — the eighth consecutive weekly increase — as the buying pace runs 2% below a year ago.
My trusty spreadsheet’s compilation of Zillow’s weekly report on activity from brokers’ listing services in Los Angeles, Orange, Riverside and San Bernardino counties shows the local housing market rebounding from economic turmoil created by stay at home orders designed to slow a pandemic’s spread.
With 3,605 existing homes put into escrow in the week ended June 13, pending sales are up 172 in a week but down 78 in a year.
Options for house hunters remain slim. Southern California owners listed 4,452 homes for sale in the week — down 8.3% vs. the previous week and down 15.1% in a year. That put total inventory at 28,778 — up 0.2% vs. the previous week but down 26% in a year.
Fewer restrictions on businesses, including home sales, plus low mortgage rates are putting owners and house hunters in a selling mood. But even after a significant run-up of late, some slices of the market still trail year-ago levels.
How the data breaks down in Los Angeles and Orange counties …
New escrows: 1,974 contracts signed — up 7.6% in a week; up 34% in a month; down 10.9% over 12 months.
New listings: 2,793 over seven days — down 3.5% vs. the previous week; up 13.9% in a month; down 12.5% in a year.
Total inventory: 17,156 homes on the market — up 1.659% in a week; up 10.4% in a month; down 25.7% over 12 months.
Median list price: $890,800 — up 0.9% vs. the previous week; up 3.6% in a month; up 6.5% in a year.
In the Inland Empire …
New escrows: 1,631 — up 2.1% in a week; up 35% in a month; up 11.1% over 12 months.
New listings: 1,659 — down 15.3% vs. the previous week; up 7.4% in a month; down 19.1% in a year.
Total inventory: 11,622 — down 1.9% in a week; down 3.5% in a month; down 27% over 12 months.
Median list price: $435,826 — up 0.8% vs. the previous week; up 2.2% in a month; up 3.1% in a year.
Statewide …
New escrows: 8,112 — up 4.5% in a week; up 36% in a month; up 6.9% over 12 months.
New listings: 10,335 — down 11% vs. the previous week; up 11.3% in a month; down 20% in a year.
Total inventory: 51,293 — down 1.6% in a week; down 5.5% in a month; down 33% over 12 months.
Median list price: $661,241 — up 1.8% vs. the previous week; up 8.4% in a month; up 10.3% in a year.
Nationally …
New escrows: 85,778 — up 2.8% in a week; up 17.7% in a month; up 13.6% over 12 months.
New listings: 132,790 —
down 3.8% vs. the previous week; up 13.9% in a month; down 16.6% in a year.
Total inventory: 1,120,998 — down 0.4% in a week; up 0.1% in a month; down 17.1% over 12 months.
Median list price: $332,680 — up 0.8% vs. the previous week; up 3% in a month; up 2.5% in a year.
Remember, pending sales must get through the escrow process. May’s data on closed sales from DQ News shows Southern California homebuyers bought about half as many homes in May as they did a year ago.
A total of 12,271 new and existing homes changed hands in the six-county region last month, the lowest number for a May and the third-lowest for any month in DQ News’ 32 years of tracking the market.
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
