Los Angeles County pending home sales dip 25% – Daily News

on May11
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Los Angeles County pending home sales collapsed 25% in April in a coronavirus-iced economy.

My trusty spreadsheet looked at data from brokers’ listing services compiled by Realtor.com through a partnership with the Federal Reserve Bank of St. Louis. These stats cover single-family homes, condos and townhomes and include the supply of listings and house hunter demand as measured by residences in escrow.

My trusty spreadsheet looked at April data from brokers’ listing services compiled by Realtor.com through a partnership with the Federal Reserve Bank of St. Louis. These stats cover single-family homes, condos and townhomes and include the supply of listings and house hunter demand as measured by pending sales of residences in escrow.

House hunting dramatically slowed as business limitations designed to slow the pandemic’s spread throttled the economy. More than 4 million Californians have applied for unemployment insurance.

The good news is cheap mortgage rates. The average 30-year fixed rate was a record low 3.31% for April vs. 3.45% the previous month and 4.14% a year ago. Previous low was 3.35% in Nov. 2012.

What was on the market in Los Angeles County in April …

Buyers: Plummeting with 7,275 pending sales — down 25% in a month and down 17% in a year. Demand has averaged 7,791 since July ’16. Pending sales are good benchmark for the direction of closed sales.

Sellers: Up recently but still below the norm with 12,062 active listings — up 3.4% in a month but down 13.4% in a year. Supply has averaged 13,355 since July ’16.

Home size: Slightly smaller as the median 1,812 square feet is down 21 feet vs. previous 12 months.

Days on market: Slower selling at 65 days. That is up 8 days in a month and up 23 in a year. Selling speed has averaged 46 days since July ’16.

Here is what we learned about pricing …

Seller’s ask: Recent slip after big jumps as $912,550 median list price — down 4.9% in a month but up 24.7% in a year. Previous 12 months? 18.4% average gain.

Price per square foot: Same pattern, down after upswing to $536 for all listings — down 1.7% in a month but up 22.2% in a year. Previous 12 months? 13.3% average gain.

Price cuts: Down at 1,604 — down 2.9% in a month and down 55% in a year. Since ’16, cuts ran at a 3,180 average.

Cuts, share of inventory: Also lower 13.3% vs. 14.2% a month earlier and 25.6% a year earlier. Since 2016, cuts have averaged 23.8% of supply.

Statewide, buyers balked with 26% drop in pending sales from March; supply rose 4.4%; and the median listing price fell 1.7% to $590,000.

By the way, a house hunter signing to buy at the median listing price would get a $3,201 monthly payment with 20% down at the national average 30-year rate. That’s savings 6.5% in a month — or $224 — but up 12.6% — or $359 — in one year.



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