How hot is this current housing market? Nearly 6,000 homes in the US sold for $100,000+ over asking so far in 2022, according to Redfin’s latest report…(Redfin)
- Nationwide, 5,897 homes sold for at least $100,000 over asking price at the beginning of this year.
- This is up from 2,241 during the same period last year.
Not surprisingly, the Los Angeles metro area led the way, with 718 homes selling for at least $100,00 over the asking price, up from 273 a year ago.
- LA was followed by Oakland (580), San Jose (490), Seattle (488), and Anaheim (365).
REMINDER: January was the most competitive month on record, with 70% of home offers written by Redfin agents facing bidding wars.
I’m sure the ultra-competitive LA market has nothing to do with the recent revelation that the typical Los Angeles homeowners have spent 18 years in their home as of 2021, 36% above the national average. Thanks Prop 13! I understand that the over-representation of homes in California is because of the cost of homes in California. However, the reason that homes are so expensive is because new construction is almost nonexistent and homeowners, thanks to tax laws, are discouraged from moving. It’s gotten so bad that California’s NIMBY culture finally reached a breaking point last year as new laws were passed to encourage more development. This is a good start, but clearly more needs to be done if California wants anyone near the middle class to be able to afford a house…