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Showings are higher than last year, and the number of new escrows is growing!

Southern California homebuying rose for the seventh straight week as house hunters put 10.3% more homes into escrow. Still, it’s a buying pace 3.1% below a year ago.

Zillow’s weekly report on activity from brokers’ listing services in Los Angeles, Orange, Riverside and San Bernardino counties shows the housing market rebounding from economic turmoil created by “stay at home” orders designed to slow a pandemic’s spread. With 3,555 existing homes put into escrow in the week ended June 6 — buying is up 331 in a week but down 115 in a year.

Southern California owners listed 4,849 homes for sale in the week — up 17.3% vs. the previous week; but down 13.3% in a year. That put total inventory at 23,597 — down 2% vs. the previous week; and down 31.3% in a year.

Fewer restrictions on business, including home sales, plus low mortgage rates are putting owners and house hunters in a selling mood. But even after a significant run-up of late, much of the activity trails year-ago levels. (Note: This week’s upticks may partially reflect last week’s Memorial Day holiday!)

Link to OCR article

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