September 30, 2020
By Saeed Ghaffari
Is it finally happening? We see red dots all across our data in So Cal except for new listings in San Diego County.
In LA county, new listings dropped 1.88% and closings dropped by 7.3% from one week to another. In OC, new listings dropped 4.96% and closings were lower by 11.08%. Riverside county had 7.77% drop in new listings and 8.69% drop in closings. San Bernardino county had the highest drop in both new listings and closings, 12.3% and 12.74% respectively among the first 4 counties. Strangely, San Diego county had a 36% increase in new listings and suffered the highest drop in closings, a negative of 15.55%.
The delta for number of days on the market for properties closed was positive (drop) for all counties except for Orange which had a 3.33% increase. The number of days on the market for all 5 counties are still way below the national average.
The trend is somewhat normal for the season, but it could also be an indication of the COVID-19 impact on the housing market and the overall weakened economy. The coming presidential election may have a hand in it too. Thank goodness for the historically low interest rates, one must wonder what the housing market would have looked like if that wasn’t in our favor!
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