10% more Southern California homes in escrow, 7th consecutive sales gain

 

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Southern California homebuying rose for the seventh straight week as house hunters put 10.3% more homes into escrow. Still, it’s a buying pace 3.1% below a year ago.

Zillow’s weekly report on activity from brokers’ listing services in Los Angeles, Orange, Riverside and San Bernardino counties shows the housing market rebounding from economic turmoil created by “stay at home” orders designed to slow a pandemic’s spread. With 3,555 existing homes put into escrow in the week ended June 6 — buying is up 331 in a week but down 115 in a year.

Southern California owners listed 4,849 homes for sale in the week — up 17.3% vs. the previous week; but down 13.3% in a year. That put total inventory at 23,597 — down 2% vs. the previous week; and down 31.3% in a year. (Click through the slide show above for more stats!)

Fewer restrictions on business, 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, much of the activity trails year-ago levels. (Note: This week’s upticks may partially reflect last week’s Memorial Day holiday!)

How the data broke down in Los Angeles and Orange counties …

New escrows: 1,958 contracts signed — up 9% in a week; up 54.6% in a month; down 10.1% over 12 months.

New listings: 2,894 over seven days — up 12.9% vs. the previous week; up 17.5% in a month; down 16.2% in a year.

Total inventory: 14,383 homes on the market — up 0.004% in a week; up 6.0% in a month; down 28.8% over 12 months.

Median list price: $899,582 — up 0.2% vs. the previous week; up 3.8% in a month; up 7.8% in a year.

In the Inland Empire …

New escrows: 1,597 — up 11.9% in a week; up 29.4% in a month; up 7% over 12 months.

New listings: 1,955 — up 24.3% vs. the previous week; up 35.8% in a month; down 8.4% in a year.

Total inventory: 9,214 — down 5% in a week; down 12% in a month; down 34.9% over 12 months.

Median list price: $438,114 — up 1.5% vs. the previous week; up 3.1% in a month; up 4.3% in a year.

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Statewide …

New escrows: 7,764 — up 8% in a week; up 37% in a month; up 9.4% over 12 months.

New listings: 11,611 — up 19.9% vs. the previous week; up 28.3% in a month; down 6% in a year.

Total inventory: 52,110 — down 2.7% in a week; down 2.8% in a month; down 30.8% over 12 months.

Median list price: $649,528 — up 1% vs. the previous week; up 8.4% in a month; up 8.3% in a year.

Nationally …

New escrows: 83,465 — up 13.6% in a week; up 28.5% in a month; up 11.3% over 12 months.

New listings: 138,009 — up 16.9% vs. the previous week; up 26% in a month; down 19.8% in a year.

Total inventory: 894,386 — down 2.6% in a week; down 7.8% in a month; down 27.4% over 12 months.

Median list price: $333,372 — up 1% vs. the previous week; up 3.2% in a month; up 4.2% in a year.

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