SoCal Housing Report - 5/12/2020

Steven Thomas, Reports on Housing. Economist.

SoCal = San Diego, Orange, Los Angeles, Riverside and San Bernardino Counties

In this 5/12/2020 episode (above):

11:01 - Total listings available in SoCal - April 30th there was 30,823 (up 3% in 2 weeks). Last year 42,544 (42% more than today). Last Thursday, May 7th 31,310 (up 1.6% from the last 2 weeks) and Tuesday May 12th no change

11:49 compared to 2007 we had 115,000 homes nearly 4 times today!

The last time inventory was this low was May 2013

12:58 NEW Listings down 44%

—

Demand

15:00 Mid April to End of April - 8,838 homes in escrow which is down half of normal (Last year 16,828). Today demand is 10,831 up 23%) so we’re 1/3 off of normal. It’s similar to January numbers.

18:44 - Expected Market Time April 30th was 105 days (last year 76 days). Today, 81 days “Slight Seller’s Market” in San Diego, Riverside and San Bernardino Counties, and a “Balanced Market" in Orange and Los Angeles Counties

23:42 2nd lowest mortgage rates in history is fueling us forward

24:06 Expected market time definitions as it relates to when it’s considered a buyer’s market or seller’s market.

By price point LA County: 25:00

By price point OC County: 25:46

By price point Riverside County:  26:22

By price point San Bernardino County: 27:18

By price point San Diego County: 27:40

Corona Virus numbers: 28:19

Macro Economic Outlook - 33:21