Great New Listing in Toluca Lake
We will persevere.
Economic Update - Los Angeles Housing
California March Home Sales Report - Impact of the pandemic has begun to be felt as the number of sales dropped drastically while prices continued to rise - The California Association of Realtors announced that existing single-family home sales totaled 373,070 on a seasonally adjusted annualized rate in March. That represents not only the fewest number of closed sales in any March in decades, but a 11.5% decline from the number of homes sold in February, and a 6.1% decline from the number of sales in March 2019. The statewide median price paid for a home in March was $612,440, up 5.6% from February and up 8.3% from one year ago. Escrows periods are commonly between 30 and 60 days, so these sales represent homes placed in escrow before the crises. Homes sold during the crises are just beginning to close. There was a record low 2.7 month supply of homes for sale in March compared to a 3.6 month supply in February and a 3.6 month supply of homes for sale last March. That is due to so many people removing their homes from the market.
It was nice to get out today in@our neighborhood. Stay home, stay safe.
