Southern California homes taking two weeks longer to sell

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Southern California house sellers are finding it takes two weeks longer to get an existing home from new listing to escrow this summer vs. a year ago.

ReportsOnHousing tracks homebuying patterns found in real estate broker networks: supply (active listings); year-to-date increase in supply; demand (new escrows in past 30 days); and “market time” (a measure of selling speed of days it takes a typical listing to enter escrow).

In the four-county region covered by the Southern California News Group, the supply of residences on the market grew to 33,639 listings on July 12 — up 2,738 units for sale in a year or 9 percent. That’s also up 2 percent vs. the 6-year average.

Year to date, sellers have grown the listing count by 9,925 listings. That’s triple the 3,313 added in 2017 in the same period and well above the average increase of 6,635 in 2013-2017.

Buyers are cautious with 12,633 new escrows in process as of July 12, down 1,328 sales contracts in 12 months or -10 percent. That’s also off 7 percent vs. the pace of the previous six years.

More choices and slower decision-making mean Southern California’s “market time” — an estimate of selling speed — was at 80 days on July 12, up from 66 days a year earlier and an average 74 days in 2012-2017.