Homes Fly Off The LA Market Despite Pandemic

LOS ANGELES, CA — Homes in the Los Angeles region are spending less time on the market, according to a report Thursday from Zillow, as people have been eager to buy through the COVID-19 pandemic.

In the Los Angeles metro, homes are typically spending 20 days on the market before an offer is accepted. That's eight days faster than a year ago and 10 days faster than in mid-May, Zillow reported.

In the Riverside metro, homes are typically spending 23 days on the market before an offer is accepted. That's eight days faster than a year ago and 12 days faster than in mid-May.

"Buyers shopping today might expect to be welcomed by desperate sellers, but they'll instead discover houses selling like hotcakes in the speediest market in recent memory," Zillow economist Jeff Tucker said. "The market did slow down in April, but anyone shopping this summer needs to be prepared to keep up with the lightning-quick pace of sales today.

"The question is whether the tempo will slow after buyers finish playing catch-up from planned spring moves, or if this fast-paced market will stay hot thanks to continued low interest rates and buyers scrambling over record-low summer inventory."

Homes sold in the U.S. during the second week of June typically stayed on the market for 22 days, the fastest pace since June 2018, Zillow stated.

City News Service