Local house hunters increased the number of contracts they signed for the 16th week out of the past 19.
Zillow statistics for the four-county region show Southern California buyers put 3,770 existing residences into escrow in the week ended Aug. 29 — up 0.7% in a week and up 6% in a year.
New pending listings have grown since mid-spring as the market rebounds from an initial pandemic shock. Buyers, lured in by low mortgages rates, seem to have ignored financial challenges such as Southern California’s unemployment rate at 15.9% in July.
The market has been strained by a lack of inventory. Zillow found 25,799 existing residences listed for sale in the week ended Aug. 29 — down 34% in a year.
Remember, pending sales counts provide us hints as to where closed sales will go. The deals must wind their way through the escrow process, including loan approval for those requiring a mortgage. Closed sales in July ran 2.5% above 2019’s buying pace, according to DQNews.
Here is a look at pending sales activity for Los Angeles and Orange counties …
New escrows: 2,288 — up 0.4% in a week and up 4.9% in a year.
Time, escrow from listing: 12.5 days median — down 9.5 in a year.
New listings: 455 — up 1.1% in a week.
Total inventory for sale: 17,306 — down -25% in a year.
Median list price: $971,000 — up 14% in a year.
What’s happening in the Inland Empire …
New escrows: 1,482 — up 1.1% in a week and up 7.6% in a year.
Time, escrow from listing: 9.3 days median — down 15.8 in a year.
New listings: 272 — up 0.3% in a week.
Total inventory for sale: 8,493 — down 47% in a year.
Median list price: $474,475 — up 13% in a year.
And nationally …
New escrows: 27,331 — up 0.5% in a week and up 18% in a year.
Time, escrow from listing: 12.5 days median — down 13.5 in a year.
New listings: 18,154 — down 1.3% in a week.
Total inventory for sale: 1,012,635 — down 29% in a year.
Median list price: $345,722 — up 8.9% in a year.