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Lavonne Lee's Blog

By Lavonne Lee | Agent in Canyon Lake, CA

Southern California - Inventory Is Down, Homes Selling Faster

• The available supply of homes for sale fell significantly in March, falling to a 2.9-month supply, as measured by C.A.R.’s Unsold Inventory Index.  The March Unsold Inventory Index for existing, single-family detached homes was down from 3.6 months in February and down from 4.2 months in March 2012.  The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A six- to seven-month supply is considered normal.

• Mortgage rates edged up in March, with the 30-year fixed-mortgage interest rate averaging 3.57 percent, up from 3.53 percent in February but down from 3.95 percent in March 2012, according to Freddie Mac.  Adjustable-mortgage interest rates also edged up, averaging 2.63 percent in March, up from 2.61 percent in February but down from 2.77 percent March 2012.

• Homes continued to move off the market faster in March, with the median number of days it took to sell a single-family home decreasing to 29.4 days in March, down from 34.2 days in February and down from a revised 52.2 days for the same period a year ago.

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