Looking to take advantage of low rates and purchase a home in Greater Los Angeles? You’d better act fast — homes are going under contract in a median of 13 days, according to Zillow’s latest market report for the week ending August 1st.
That’s eight days faster than the same time last year, signaling that buyers are making snap decisions to beat out the competition and get into their dream homes. Newly pending sales rose 0.6 percent year-over-year, another promising sign for the Los Angeles-Long Beach, Anaheim, CA housing market.
Inventory improved slightly after bottoming out in May but was still down 27.3 percent over 2019 levels. The number of fresh listings fell by 2 percent from the week prior and median list prices inched up accordingly to $953,578, or 12.5 percent higher than the same period a year ago.
A Realtor.com survey published earlier this week pointed to a surge in page views for California’s suburban properties, particularly those in the Inland Empire metro of Riverside-San Bernardino, where prices have been rising steadily but remain significantly more affordable than LA-area homes.
Despite a 44 percent year-over-year plunge in inventory, newly pending listings in Riverside and San Bernadino shot up 7.9 percent. Meanwhile, median list prices climbed 7.9 percent on a year-to-date basis to $458,580.
The growing popularity of remote work among employers has caused many Angelenos to expand their home searches outside the city limits to areas where they can get more bang for their buck — think extra bedrooms, home offices and private outdoor spaces.
With current demand far outweighing supply in Los Angeles, San Bernadino and Riverside counties, the late-summer homebuying frenzy is likely to spill over into fall.