Just over 17,400 houses, townhomes and condominiums changed hands in Southern California in July, the second-highest sales tally in the past two years, CoreLogic reported. Southern California’s housing market gained momentum in July, with prices holding steady at all-time highs and sales hitting the second-highest level of the past two years.and an increased number of homes for sale boosted transactions, although homes now are taking longer to sell due to increased competition among homeowners.
During the past two years, just two other months — June 2023 and this past May — have seen sales rise above 17,000 transactions. Falling mortgage rates are helping to revive the market, however. Average rates have dropped almost a full percentage point over the past four months, boosting the buying power for home shoppers.
The time needed to sell every home on the market at the current buying pace increased to 87 days, up from 55 days in March, according to data from Steve Thomas’ “Reports on Housing.” Why is LAUSD spending $70 million to boost capacity at a school in Silver Lake, when nearby schools have thousands of empty seats?