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December 2, 2019

Housing shortage: Southern California listings plunge 20% as new escrows surge

Housing shortage: Southern California listings plunge 20% as new escrows surge 1

Bad news for Southern California house hunters: There are one-fifth fewer existing homes for sale.

That crunch, along with cheaper mortgages, put folks in a homebuying mood, according to ReportsOnHousing‘s latest tracking of broker listings as of Nov. 14 …

Listings: Plummeted to 32,066 existing residences for sale in the four counties covered by the Southern California News Group — a decrease of 19.8% in a year and off 3% vs. the eight-year average for this time of year.

Buying: Southern California’s demand for homes — measured as new escrows opened in the past 30 days — surged to 11,874. That’s up 15.2% in 12 months and down 1% compared with the eight-year average.

Speed: Shrinking inventory and more buying translated to Southern California homes selling quicker. Estimated market time of 81 days — listing to escrow, by ReportsOnHousing’s formula — vs. 116 days a year earlier. ReportsOnHousing considers a “market time” under 90 days as conditions favoring sellers. Since 2012, market time has averaged 85 days at this time of year.

County-by-county listings fell in all four SoCal counties in the past year as escrows were up in all four. Here’s a look at the Nov. 14 results for the counties vs. the patterns of 12 months ago and the eight-year average for this time of year …

Los Angeles County: 12,006 listings — off 21% in a year and 4% below average. Escrows of 5,057 — up 16% in a year and off 2% vs. average. Market time? 71 days vs. a 75 average.

Orange County: Supply of 5,534 — off 23% in a year and 1% below average. Escrows of 2,328 — up 31% in a year and off 1% vs. average. Market time? 71 days vs. a 75 average.

Riverside County: 8,452 listings — off 15% in a year and 9% below average. Escrows of 2,504 — up 13% in a year and off 2.8% vs. average. Market time? 101 days vs. a 109 average.

San Bernardino County: Supply of 6,074 — off 20% in a year and up 10% vs. average. Escrows of 1,985 — up 2% in a year and up 8% vs. average. Market time? 92 days vs. a 92 average. 

Source

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