Active Listings
The current active inventory climbed by 5%.
The active listing inventory added 505 homes in the past couple of weeks, up 5%, and now sits at 10,178 homes, its highest level since November 2020. It is also the most homes on the market for this time of year since 2019, surpassing the 2020 level for the first time. With persistently higher rates, demand has significantly dropped to low levels last seen during the Great Recession, which has allowed the supply of homes to rapidly rise. The current level of available homes to purchase is still way down compared to where it was prior to COVID. Yet, as the year progresses, expect the inventory to relentlessly rise and make up the difference. Normal levels of homes available will be a welcome relief to the record low anemic inventory of the past couple of years.
Last year, the inventory was at 8,197, 19% lower, or 1,981 fewer.
The new trend that developed this year is a sharp decrease in the number of homes coming on the market. For the month of June, there were 8,802 new FOR-SALE signs in Los Angeles County, 404 fewer than the 3-year average prior to COVID (2017 to 2019), 5% less. So far in 2022, there have been 5,626 missing signs, down 11%. These missing signs counter the potential rise in the inventory.
June Luxury Sales Report
