Confirmed: The LA Housing Market is Crazy Tight Right Now

Holy cow, everyone can see the real estate market is tight and inventory is low these days, but now here are the numbers and they're pretty crazy: In March, there was a 2.7-month supply of available houses in Los Angeles County and houses were only on the market for an average of 31.5 days. Last March those numbers were at 4.3 and 55.6 respectively (and in February this year they were up at 3.3 months and 36.5 days; a six- or seven-month supply is "normal"). The data comes from the California Association of Realtors and shows that LA has the tightest market in the Southland; that market is even tighter than the one in San Francisco (which has a four-month supply of houses but an average time on the market of just 23.4 days). Statewide, inventory was down 36 percent from last year and sorry, non-wealthy people: "Supply conditions are particularly tight in the lower-priced segment of the market, as inventory for homes priced below $300k plunged more than 50 percent from the previous year."
· California's median home price posts highest level in nearly five years as intense competition increases [CAR]
· Los Angeles Housing Market May Be In a "Mini Bubble" [Curbed LA]