More Southern California homeowners are looking to sell, but fewer buyers are pulling the trigger.
Listings are up 22 percent and the number of homes in escrow is down 1 percent year-over-year across Southern California, according to Reports On Housing data published by the Orange County Register. Around 6,400 more homes were on the market in early May than were on the market a year ago.
Days on the market in the region is also up 15 days to 79 days, another indication of sales slowing amid high pricing. Closing prices peaked across the region in June 2018.
In the first quarter of the year, the median home price in Greater Los Angeles was down 4.5% compared to the year before, a Douglas Elliman report found.
Los Angeles County saw a 23 percent increase in listings — to 13,437 — in early May, according to the Reports On Housing data. The report also showed that there was a 6 percent decline in escrows from a year ago, the most significant decrease in escrows of any county in Southern California.
Orange County saw the most significant increase in listings, 32 percent, up to 7,185 listings.
Mortgage rates rose through last year, prompting some potential homebuyers to hold off on purchases. It also caused a dip in confidence among homebuilding firms, but the rates have since come back down and share prices for homebuilders have recovered. [Orange County Register] – Dennis Lynch