L.A. real estate news and insights.
This data shows why we are seeing multiple offers on properties again... there are still not enough homes for sale!
Closed sales this past January fell to 9,938, the lowest number of transactions in records dating back 35 years, real estate data firm CoreLogic reported Tuesday, Feb. 28.
An average January has about 17,000 closings.
We need more homes to hit the market to meet buyer demand!
Low inventory, bidding wars, and record-low mortgage rates are giving consumers a new sense of FOMO and is driving hyperactivity in the real estate market.
Pending home sales are up 20% from a year ago, buyer traffic is up 32%, and mortgage applications are up 27%—all indicators that this winter may be the best ever for the housing market.
Mortgage rates also remain at record lows.
The 30-year fixed-rate mortgage averaged 2.71% for the week ending Dec. 10, according to Freddie Mac.
