Inventories of Homes for Sale in Big California Markets Jump to Highest in Years, Days on the Market Soar, Demand Withered

Inventories of Homes for Sale in Big California Markets Jump to Highest in Years, Days on the Market Soar, Demand Withered

Listings YoY: Orange County +66%, San Diego +55%, Fresno +48%, Sacramento +47%, Los Angeles +45%, Riverside-San Bernadino +43%, San Jose & Silicon Valley +39%; San Francisco metro +30%.

County housing market in ‘relaxed mode’ with high inventory, slower sales than expected

Inventory stayed high in Santa Cruz County in June following May’s big jump, and while sales were similar to the figures from May, some real estate professionals say that the market hasn’t been quite as busy as they were expecting. That’s due in part to the inventory, along with the fact that mortgage rates didn’t fall as some hoped, plus persistent concerns surrounding layoffs and economic instability.

Inventories of Homes For Sale in Big California Markets Jump to Highest in Years, Days On the Market Soar, Demand Withered

by Wolf Richter Wolf Street Listings YoY: Orange County +66%, San Diego +55%, Fresno +48%, Sacramento +47%, Los Angeles +45%, Riverside-San Bernadino +43%, San Jose & Silicon Valley +39%; San Francisco metro +30%. Los Angeles County: Active listings spiked by 45% year-over-year in June, to 14,692 homes for sale, the most for any June in the data from realtor.com going back to 2016, passing by even 2019 (dotted purple line). In 2018 (brown double…