Remember the 2008 financial crisis? How homes would not sell, and many mortgage holders were profoundly under water?
Well, for California at least, the time that a home stays on the market has hit at least a decade long high.
Sounds familiar, huh?
The situation is this: Inventories are high, sales have plunged, frustrated sellers are pulling their homes off the market in large numbers, new listings are low because what’s already on the market is very slow to sell, and the number of days that a home sits on the market before it gets pulled off the market, or before it sells, has been soaring and in August hit the highest level for any August in the data from Realtor.com going back a decade. This situation is spread across all major metros.
This jump in the number of days a home spends on the market is occurring despite the surge in delistings where frustrated sellers throw in the towel and wait for better days, rather than cut the price and make a deal. Three of California’s markets are in the top 10 nationally on the list of Realtor.com’s ratio of delistings to new listings: the Riverside-San Bernardino-Ontario metro in the #3 spot (behind Miami and Phoenix), Los Angeles in the #8 spot, and San Diego in the #10 spot.
In California, the median number of days a home spent on the market before it was pulled off the market or sold jumped to 56 in August, by far the highest for any August in today’s data from Realtor.com going back to 2016, and up from the runners-up of 48 days in 2019 (dotted purple) and 46 days in 2024 (red).
In the Riverside-San Bernardino-Ontario metro, the median number of days on the market before a home got pulled or sold jumped to 66 days in August, by far the most for any August in the data going back to 2016.
Worst nostalgia moment ever.
0 comments :
Post a Comment