Housing Inventory Jumps Dramatically Across California in June 2024

LOS ANGELES, California — The housing market in California saw a significant increase in active listings in June 2024, with various regions showing sharp year-over-year spikes. Los Angeles County reported a 45% rise in homes for sale, totaling 14,692 listings, the highest for any June since 2016.

This surge in inventory is attributed to various factors, including high mortgage rates and dwindling buyer demand. The median days homes spent on the market also increased. In Los Angeles County, the median was 47 days, matching levels from June 2020.

Other regions followed suit. The San Francisco-Oakland-Fremont metropolitan area reported a 30% rise in active listings, reaching 7,196 homes for sale. The median days on the market jumped to 40 days, the highest level recorded for June since 2016.

San Diego County experienced a remarkable 55% increase in inventory, reporting 6,116 homes for sale. The median duration for homes on the market rose to 41 days, up from 33 days last year. Meanwhile, the San Jose-Sunnyvale-Santa Clara area recorded a 39% rise in active listings to 2,087 homes and a median of 34 days on the market.

Regions like Riverside-San Bernardino and Sacramento-Roseville-Folsom also noted substantial increases in inventory, with listings up 44% and 47%, respectively. Despite the growing inventory, many homes remain on the market for longer periods as sellers pull their listings due to frustration over pricing.

According to realtor.com, delistings surged by 47% across the U.S., indicating sellers’ struggles with meeting buyer expectations. As prices in many markets begin to fall, some sellers choose to wait for better conditions before relisting their homes.

Real estate experts warn that California’s housing market could face more challenges if the current trends in inventory and demand continue. The increase in listings and longer market durations could signal a shift in the housing landscape.