Housing inventory is rising, but the housing market in southern California is still rising!

In March, the active residential inventory in the County of Orange rose from 2,240 to 2,384 homes for two weeks. According to Reports on Housing, a data company specialized in analyzing California's housing market, this is the biggest increase since May 2020. In Los Angeles, the inventory of housing increased from 7,185 houses to 7,443 since October. عيد الاضحى

As frustrated potential buyers write offers for homes, demand has also declined only to lose out during a bids war, said Housing Economist Steven Thomas. In the meantime in Orange County, the median price is $835,000, an annual jump of 10,6 percent. Los Angeles has a median housing price of $750,000, up 17 percent from last year.

"The stock usually rises during the spring and summer markets, but this is only part of the story behind the new trend," Thomas said in his monthly report for subscriptions alone. "Demand has also fallen in the last few weeks. Scaling prices, pending and closed sales fetching values considerably higher than the list price and too many multiple offers [are] starting to influence some clients' psyche. The current environment sidelines some buyers after several attempts to secure a home are lost."

California's housing market remains hot more than a year into the coronavirus pandemic. Record-low interest rates, limited housing supply, higher consumer trust and people – many of whom now work from their homes – want more space on the market.

According to the State Department of Finance, average March single-family home prices rose 24 per cent year-over-year to $758,990, a record for the state. The median price of $758,990 was 5.7 percent higher than in December 2020 the previous record of $717,93.

According to the LA Times, every region in southern California reported an increase in medium-sized prices in March.

The median price is $750,000 for a residence in Los Angeles County, $476,750 for the Riverside County, $429,500 for San Bernardino, and $658,000 for Ventura County.

Jolly Espinosa, a real estate agent at Coldwell Banker, Glendale, said that more potential buyers are checking out listings, as they can now travel home.

Many of his customers, though, some of whom look for a home in the counties of Orange and Los Angeles, are frustrated with the competitive housing market.

"I have 20% (money down) conventional buyers (loans) right now, and we're on the ground," said Espinosa. "It is not good enough. It is not good enough. We're getting outbid. We're getting outbid. Some of them told me already, 'Wait until the end of the quarter.'"

Many of them on the seller's side know that they are in the catbird seat.

Espinosa recently listed a $669,000 home in Pico Rivera. The seller received 16 tenders, sold them in an all-cash deal for $735,000 and closed in 15 days.

"I have other lists that were not on the market officially, that already sold," he said. He said.

"They want a bidding war, sellers," he said. "They know this is a market for a seller."