Southern California’s housing market enters the typically slower-selling fall season relatively awash in listings amid a significant cooling of house hunters’ willingness to make a deal.
Thomas’ biweekly report found a stark change in the market for existing homes as of Sept. 20 vs. a year ago: selling time was 26 days longer as listings grew by 22 percent. ReportsOnHousing watches supply (active listings); year-to-date increase in supply; demand (new escrows in past 30 days); and “market time” (a measure of selling speed, estimated days it takes a typical listing to enter escrow).
Sellers have rushed to market as year-to-date supply has grown sharply: Up 13,774 listings vs. a rise of 2,787 in the same period in 2017 — yes, a nearly five-fold increase.
Surprisingly, in a market that was once seen as supply-starved, house hunters have pulled back despite the significant increase in choices.
More supply and fewer purchases mean ReportOnHousing’s “market time” metric for selling speed rose to 95 days vs. 70 a year earlier and an average 82 days in 2012-2017. This is the slowest end-of-summer market in four years.
Here’s how ReportsOnHousing broke down the slowdown by county …
In Los Angeles County …
Supply: 14,678 listings, up 2,681 residences for sale in a year or 22 percent; and up 9.9 percent vs. 6-year average.
Supply, year-to-date: Up 6,629 listings vs. a rise of 2,299 a year earlier and a an average increase of 3,878 in 2013-2017.
Demand: 4,939 new escrows, down 654 sales contracts in 12 months or 12 percent.
Market time: 89 days vs. 64 a year earlier and an average 74 days in 2012-2017.
In Orange County …
Supply: 7,207 listings, up 1,714 residences for sale in a year or 31 percent; and up 15 percent vs. 6-year average.
Supply, year-to-date: Up 3,647 listings vs. a rise of 1,259 a year earlier and an average increase of 2,335 in 2013-2017.
Demand: 2,167 new escrows, down 353 sales contracts in 12 months or 14 percent; and down 18 percent vs. previous six years.
Market time: 100 days vs. 65 a year earlier and an average 78 days in 2012-2017.
In Riverside County …
Supply: 9,171 listings, up 1,499 residences for sale in a year or 20 percent; and up 7 percent vs. 6-year average.
Supply, year-to-date: Up 1,667 listings vs. a dip of 1,386 a year earlier and a gain of 384 averaged in 2013-2017.
Demand: 2,545 new escrows, down 211 sales contracts in 12 months or 8 percent.
Market time: 108 days vs. 84 a year earlier and an average 97 days in 2012-2017.
In San Bernardino County …
Supply: 5,867 listings, up 654 residences for sale in a year or 13 percent. It’s up 10 percent vs. 6-year average.
Supply, year-to-date: Up 1,831 listings vs. a rise of 615 a year earlier and a an increase of 1,152 in 2013-2017.
Demand: 1,952 new escrows, down 255 sales contracts in 12 months or 12 percent.
Market time: 90 days vs. 71 a year earlier and an average 85 days in 2012-2017.
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