The seller’s market shows no signs of stopping. At the MLS/CLAW, multiple-listing-service, in Los Angeles there are a thousand fewer listings now as compared to last year. Most of the MLS is residential, i.e. homes and condos. It’s a clear message that many owners don’t want to sell. Home value appreciation is still growing but the rate is slowing. The national home value measuring device, Case-Shiller Home Price Index, continues on its upward trend - a 31 month streak.
California is experiencing one of its worst housing shortage crises. Not enough homes, condos and apartments are being built. CA has some 13% of the nation’s population and an above average population growth rate, yet over the past twenty years the state’s new housing production has been only 8%. Housing short supply has pushed up home prices and rents.