A sure sign that the housing market is moving closer to pre-pandemic levels, is that Southern California home buying rose for the seventh straight week, as house hunters put 10.3% more homes into escrow. Still, it is a buying pace 3.1% below a year ago. With fewer restrictions on businesses and near-record low mortgage rates home buyers and sellers are back in the mood and the markets are heating up. Nationwide statistics are verifying the upswing. For the week ending June 7th – New escrows were up 13.6% in a week; up 28.5% in a month and up 11.3% over the past 12 months. New listing up 16.9%, when compared to the week before; up 26% in a month, but down -19.8% in a year. Total inventory down -2.6% in a week; down -7.8% in a month; down -27.4% over 12 months.
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10% more Southern California homes in escrow, 7th consecutive sales gain