Southern California house hunters have half the for-sale options than in pre-pandemic times.
When my trusty spreadsheet looked at the number of residences listed for sale in the six-county region as counted by Realtor.com and compiled by the St. Louis Fed, it found an average of 21,163 listings in July through September. That’s off 32% from the same period in 2021 and down 52% vs. 2016-19.
Limited choices are one reason the median selling price has surged 58% in the past seven years, according to CoreLogic data.
Here’s a look at the supply drop by county and median price change over seven years:
Orange: 2,369 this year, off 39% vs. 2021 and down 65% vs. 2016-19. The median price is up 67%.
San Diego: 2,521 this year, off 43% vs. 2021 and down 62% vs. 2016-19. Median up 69%.
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Ventura: 679 this year, off 39% vs. 2021 and down 62% vs. 2016-19. Median up 53%.
Riverside: 3,948 this year, off 30% vs. 2021 and down 53% vs. 2016-19. Median up 65%.
San Bernardino: 3,639 this year, off 29% vs. 2021 and down 46% vs. 2016-19. Median up 77%.
Los Angeles: 8,006 this year, off 26% vs. 2021 and down 42% vs. 2016-19. Median up 57%.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
