The San Fernando Valley housing market continues to reset.
The number of active listings is up as sales slow. New listings coming on the market are down because owners with low 3% mortgage rates will hold off on selling, plus there is a seasonal element to the quantity of new listings generally slow in the second half of the year and heading into the holidays.
Year over year housing numbers are skewed since the interest rate environment was very accommodative before the Federal Reserve started its tightening process in March. Housing prices topped out in May. Over the past 12 months, the first 7 had major appreciation and activity, the last 5 have been slower with price adjustments.
The 2.8 months of inventory is substantially higher than the 15 days of inventory we had at the beginning of 2022, but is still substantially lower than the historical average of around 5 months.
If you are in the Los Angeles area and have any questions or real estate sales or financing needs, feel free in contacting me
Ron Henderson GRI, SRES, SFR, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
Leave a Reply