Monday, August 19, 2019

Los Angeles Area Home Sales Unchanged YoY in July, Inventory Down 1% YoY

by Calculated Risk on 8/19/2019 02:24:00 PM

From Pacific Union chief economist Selma Hepp: How are lower interest rates impacting Los Angeles housing markets?

After a large dip in housing market activity starting in the last quarter of 2018 and first quarter of 2019, housing markets in recent months have mostly bounced back to where they were last summer. The number of home sales trends about the same, home prices have recovered to again show annual increases, inventories are scarce, and absorption rates have returned to the same rates.
Home sales activity picked up speed in July, after some slowing in June, bringing activity back in line with stronger numbers seen in May. In July, total sales in Los Angeles County trended at the same level as July of last year,  [5,417 in July 2019 compared to 5,424 in July 2018] with an increase in sales of homes priced between $1 million and $2 million, up 5 percent year-over-year, being offset by slower sales in other price segments.

[F]or-sale inventory is once again trending below last year’s levels with July’s year-over-year decline for the overall inventory down one percent, and inventory priced below $1 million down 5 percent. Declines follow almost a year of year-over-year increases. And the lower priced inventory is now 24 percent below the 2015 levels.
emphasis added
CR Note: there is much more data at Hepp's report.