The number of Southern California homes put into escrow rose for the 10th consecutive week, as the market recovers from the coronavirus economic shock.
Zillow's weekly report on activity from brokers' listing services in Los Angeles, Orange, Riverside and San Bernardino counties shows 3,738 existing homes put into escrow in the week ended June 27 — a buying pace that's up 3% from the previous seven days but off 4% from a year ago.
In mid-April the local housing market began rebounding from economic turmoil created by "stay at home" orders designed to slow a pandemic's spread. An improving employment picture plus continued record-cheap mortgages keeps house hunters in a buying mood. Thought recent increased levels of infection and government reversal on the reopenings of some businesses could cool the market.
Southern California owners listed 4,508 homes for sale in the week — down 1% vs. the previous week, and down 17% in a year. That put total inventory at 28,385 — down 1% vs. the previous week, and down 28% in a year.
How the data broke down in Los Angeles and Orange counties:
New escrows: 2,184 contracts signed — up 6% in a week, up 26% in a month, down 8% over 12 months.
New listings: 2,856 over seven days — up 1% vs. the previous week, up 11% in a month, down 13% in a year.
Total inventory: 17,423 homes on the market — up 0.4% in a week, up 6% in a month, down 26% over 12 months.
Median list price: $912,515 — up 1% vs. the previous week, up 4% in a month, up 8% in a year.
In the Inland Empire:
New escrows: 1,554 — down 1% in a week, up 10% in a month, up 2% over 12 months.
New listings: 1,652 — down 5% vs. the previous week, up 0.2% in a month, down 24% in a year.
Total inventory: 10,962 — down 3% in a week, down 8% in a month, down 32% over 12 months.
Median list price: $443,760 — up 1% vs. the previous week, up 3% in a month, up 5% in a year.
Statewide:
New escrows: 8,241 — up 1% in a week, up 18% in a month, up 7% over 12 months.
New listings: 10,218 — down 3% vs. the previous week, up 2% in a month, down 18% in a year.
Total inventory: 48,543 — down 3% in a week, down 10% in a month, down 39% over 12 months.
Median list price: $687,555 — up 2% vs. the previous week, up 8% in a month, up 15% in a year.
