November 6th, 2020
Palos Verdes Homes For Sale
Are pending sales up or down? This is THE measure of demand as this number measures the number of buyers going into escrow on existing listings. Different from palos verdes homes closed sale volume, the palos verdes homes pending sale number tells us what’s happening “right now” with the Palos Verdes real estate trends.
Just a few days ago, the National Association of Realtors published this article in which economists measured a surprising DROP in the PENDING SALE volume for homes across the United States. http://www.cnbc.com/id/101377134
Here’s what the picture looks for the USA:
So as you’ve often heard from me, there’s no such thing as a “national” real estate market; Real Estate is ALL LOCAL! So what’s the picture look like for the cities of the Palos Verdes Peninsula – Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates and the unincorporated area of Palos Verdes Peninsula – for the same time period.
Palos Verdes Homes For Sale – the PENDING sales
|Palos Verdes Homes Pending Sale Volume|
|Month||Volume of Palos Verdes Homes For Sale that went under Purchase Contract|
Lawrence Yun, the chief economists for the National Association of Realtors, said “Home prices rising faster than income is also giving pause to some potential buyers, while at the same time a lack of inventory means insufficient choice. Although it could take several months for us to get a clearer read on market momentum, job growth and pent-up demand are positive factors.”
Nationally, from November to December, the PENDING SALE INDEX dropped about 8.7%. For the Palos Verdes Homes For Sale that went under contract, the change was about 31%!
Why the huge decrease? Perhaps, it is correct what Lawrence Yun said about “…prices rising faster than incomes…” This hypothesis certainly seems borne out by the facts
If you’re interested in more trend data, you’re welcome to sign up for my proprietary real estate charts here: http://www.homeispalosverdes.com/palos-verdes-real-estate-trend-charts/
And to search for Palos Verdes Homes For Sale using the Spatial Match Lifestyle Finder, click the image below.