![]() ![]() Thomas doesn’t expect things to slow down soon. In his latest report, Thomas said inventory in the region expects to drop 2% in February. Last January, mortgage rates started at 2.65%. According to, a 30-year fixed mortgage rate as of Jan. While housing inventory remains low, mortgage rates are steadily climbing. San Bernardino has 2,040 homes for sale - up from last year’s 1,800 homes on the market - but three times fewer than the 6,400 homes on the market in January 2019. Last year, there were a little more than 3,100 houses for sale, and in 2019, 9,200 homes were listed. Riverside currently has about 2,300 active listings. Last January, there were 2,600 active listings, and in 2019, there were more than 5,900 homes for sale. In Orange County, there are currently about 1,100 homes for sale. Before the pandemic in January 2019, there were 12,400 homes for sale, and interest rates were at 4.5%. Last year, about 7,600 homes were available when interest rates were at a record low of 2.6%. In Los Angeles, there are about 4,700 active listings in January. That lack of inventory is contributing to the growing home prices.Īccording to Reports On Housing, Southern California’s current inventory is at an all-time low. Home sales countywide fell 10% in 2021 compared to 2020, but only because of the lack of supply in the market. “While increased interest rates may help cool down home-buying activity, we expect 2022 to be another strong year with continuing upward price growth.” “Over the past year, we have seen one of the most robust seller’s markets in a generation,” said Frank Martell, president and CEO of CoreLogic, in a news release. ![]() In the Los Angeles-Long Beach-Glendale area, home prices shot up 14.1% year over year, Corelogic reported.Īccording to the Orange County Register, the median price of homes hit record-high levels last year: $935,000 in Orange County, $805,000 in Los Angeles County, $550,000 in Riverside and $485,750 in San Bernardino. home prices jumped 18.1% in November, compared to November 2020, according to CoreLogic. Last year, economists say it was a record-breaking year for U.S. The latest data shows that demand for housing in Southern California remains off the charts. Southern California’s real estate market amid the coronavirus pandemic continues its upswing in the 2022 new year despite the ongoing pandemic, rising mortgage rates and housing prices that have jumped double digits year over year. The real estate market harkens the days when the pandemic hit, and there was a run on toilet paper.” “The housing inventory is catastrophically low. Now I say there is a housing catastrophe,” said Thomas to Spectrum News. “I used to say that we are facing a housing crisis. ![]() The few numbers of homes for sale in those counties are way below pre-pandemic levels, said Steven Thomas, chief economist at Reports On Housing, a data site that tracks Southern California’s real estate market. Buyers continue to push on despite the coronavirus pandemic, high home prices and rising mortgage interest ratesĪs of mid-January, there were roughly 1,100 active homes in Orange County, about 4,700 in Los Angeles County, 2,040 in San Bernardino and a little more than 2,300 in Riverside.Steven Thomas of Reports On Housing calls the low level of housing in the region "catastrophic".As of mid-January, there were roughly 1,100 active homes in Orange County, about 4,700 in Los Angeles County, 2,040 in San Bernardino and a little more than 2,300 in Riverside.Southern California counties have a low level of for-sale housing inventory to start 2022. ![]()
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