Orange County house hunters’ woes: Listings plunge 17%

listings plunge 17%

Orange County house hunters have one-sixth fewer existing homes to choose from this year.

ReportsOnHousing’s latest report as of Nov. 16 shows the four-county Southern California region with the number of listed residences down by 16.2 percent in a year. New escrows in Los Angeles, Orange, Riverside and San Bernardino counties were down 1.8 percent. “Market time,” the report’s estimate of how quickly a typical residence goes from listing to escrow, was 69 days vs. 81 a year ago.

Meanwhile, in Orange County there were 4,714 listings, down 941 or 17 percent. Limited supply is slowing sales with new escrows —  2,339 — down 25 or 1.1 percent. Market time was 61 days vs. 73 one year ago.

Elsewhere:

Los Angeles County: 10,749 listings, down 1,962 or 15 percent. New escrows were 5,477 — down 187 or 3.4 percent. Market time of 61 days vs. 70 one year ago.

Inland Empire: 12,767 listings, down 2,564 or 17 percent. New escrows were 4,606 — down 9 or 0.2 percent. Market time of 83 days vs. 100 one year ago.

Source: OC Register

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