![]() In April, 11,682 sales contracts for existing homes were signed in the six-county region, according to Zillow. Think about pending sales, a solid yardstick of future closed sales counts. And investors are on the sidelines thanks to pricey financing and iffy appreciation opportunities. The “move-up market ” – current owners seeking a new place – have too many reasons to stay put. But Southern California closings run at a historically lethargic pace because demand has crashed.įirst-time buyers are financially challenged. Yes, the few homes put up for sale move quickly and at prices near all-time highs. Southern California homebuying continues to run extremely chilled. That slip was true everywhere but in Riverside County where new homes’ 14.3% share in April was up from its 13.7% 10-year average.Įlsewhere, Orange County’s 10.2% share was below its 11% average, San Diego’s 7% was down vs. SEE MORE: Is the housing shortage overblown? This Orange County analyst thinks so New homes remain a small slice of what’s bought – with just 7.9% of all sales for the month, down from the 8.6% share averaged in the past 10 years. #5 Building bustīuilders’ inventory of ready-to-sell houses was gobbled up in the winter, so developers now scramble to catch up with demand.Īcross Southern California, just 1,038 new homes sold in April, a 39% drop in a year. Then came Ventura and Orange off 50%, Los Angeles off 37%, Riverside off 36%, and San Bernardino off 28%. San Diego’s supply shrunk the most, down 54% from the norm. Thin inventory, as measured by a Realtor supply index, equals Southern California with 2.5 months’ worth of single-family houses for sale for every house bought - 34% below average since 2008. ![]() Or owners decided to rent out a home they might otherwise have sold. Many homeowners aren’t selling because they can’t afford another house, or don’t want to give up the low mortgage rate they got during the Fed’s cheap money days of the pandemic era. House hunters have few options for a host of reasons. ![]() And put an eyeball on affordability, county to county: Orange (12%), San Diego (15%), Los Angeles (17%), Ventura (17%), Riverside (22%), and San Bernardino (30%). If that eye-catching estimate of local homebuying’s income requirement isn’t painful enough, consider this: it’s up 22% in a year.Īs a result, only 19% of Southern Californians can afford to buy – down from 24% a year ago and 29% in 2021. ![]() Surging costs have pruned the number of people who qualify to buy.Ī Southern California household in the first quarter needed to earn $178,400 annually to buy a median-priced, single-family house, according to the California Association of Realtors affordability index. That’s up 14% from a year ago when rates were 4.98% – and a budget-busting jump of 88% from December 2020 when rates hit the historical low of 2.67%. Think about what that means to a typical homebuyer’s house payment.Īpril’s pricing equals a $3,655 monthly cost, assuming the average 6.34% mortgage rate and a 20% downpayment. In March 2022, the Federal Reserve started its efforts to use pricey financing to chill an overheated economy. It’s only down 2% in a year and off 3% from the record high of $760,000 set in May 2022.Ĭonsider April’s one-year dips by county: San Bernardino was down 8% to $455,000, Los Angeles down 7% to $800,000, Orange down 6% to $988,000, Riverside down 4% to $549,500, Ventura down 4% to $774,000 and San Diego was down 2% to $805,000. Home prices – at least as measured by the median selling price – remain stubbornly high.Īpril’s six-county median was $735,000 – up 4.3% in a month. Upgraded components help to sharpen bike performance, and with BMX, MTB, commuter and road bike handlebar stem components all available, you can upgrade your bike stem to match your preferred cycling position.Ĭheck the handlebar width and the size of your steerer tube to ensure you get a suitable fitting bike stem part.So why so few sales? Let’s look at five reasons behind the drastic dip. Whatever cycling discipline you enjoy, Wiggle has an array of bike handlebar stem spares to choose from. Take control of your bike’s handling and find your perfect riding position with a precision-designed bike handlebar stem from Wiggle.Ĭhoose from a complete range of stress-dispersing MTB stems, and lightweight road bike stems, offering superb steering performance and adjustability.Įnjoy cat-like agility in the turns, and a lower centre of gravity for improved stability with quality bicycle parts from top brands like Race Face, Ritchey and Deda.Ĭhoose an angled handlebar stem for a more comfortable riding position, or an ultra-stiff and ultra-light carbon stem to achieve that aero riding position.
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