South Bay Vision – Market Update

Blog, Buying, Market Minutes, Market Updates, Real Estate News, Selling
According to the latest TrendGraphix reports for the beach cities for the period May 13th – July 13th compared to the same period last year you will see the number of properties for sale increased in Hermosa, Redondo and El Segundo however decreased slightly in Manhattan Beach. Although months of inventory have increased since the same time last year, we’re looking at approximately 1.9 months of available inventory for most of the beach cities including El Segundo.

Lawrence Yun, NAR chief economist, says the housing market is stabilizing, but ongoing challenges are impeding full sales potential. “Activity is notably higher than earlier this year as proces have moderated and inventory levels have improved,” he said. “However, supply shortages still exist in parts of the country, wages are flat, and tight credit conditions are deterring a higher number of potential buyers from fully taking advantage of lower interest rates.”

Pending home sales in the West inched 0.2 percent in June to 95.7, but remains 16.7 percent below June 2013.

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* Sources: TrendGraphics, C.A.R.