So Cal Re Market Report/ Buyer, Seller & Investor Tips
So Cal Re Market Report/ Buyer, Seller & Investor Tips
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So Cal Market Beat
Buyer, Seller & Investor Tips
MAI: Market Action Index. MAI of 30 represents a balanced market between buyers and sellers. Over 30 indicates a seller market and below 30 is a buyer market.
Avg. DOM:Â Average days on the market.
Source Altos.re
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5 Week Trends
In So Cal, there was overall downward trend in inventory with average decrease of 2.89%. There were no exceptions in the region.
New listings in the region showed downward trend with an average decrease of 13.53%. There were no exceptions in the region.
New listings were 8.78% of total active inventory and older listings were at 24.03% of the active listings.
Coming soon inventory continued the trend from last week and went down by 14.93%.
Closed listings changed the trend from last week and went down by an average of 21.64% in So Cal.
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Market Minute Write-Up
New home sales increase for the second month in a row: Builders benefited from low inventory of existing homes again in April, as more buyers turned to new construction as an alternative. Sales of new homes rose 4.1% to a 683,000 seasonally adjusted annual rate in April – the highest pace since March 2022, and was 11.8% higher than its pace one year ago. Builder incentives continue to motivate buyers towards new construction, but their use by builders is becoming less common as housing demand stabilizes. Meanwhile, the median sales price of new homes dropped 7.7% month-over-month to $420,800. The April median price also went down 8.2% from the year-ago level and the dip was the first since August 2020. At the regional level, sales in the West declined 9.1% month-over-month in April, after surging to the highest level in ten months in March. April sales also dipped 2.8% from the same month of last year. Higher mortgage in recent weeks will have a negative impact on buyers’ demand and will likely lead to lower new home sales in May.
So Cal Re Market Report/ Buyer, Seller & Investor Tips
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