We've been hearing about the housing sales slump (most people can't afford the houses on the market), but new data from Trulia takes a slightly different view of the slowdown by looking at how many for-sale houses are still sitting on the market after two months. (They found this to be a better representation of the market than simply looking at median days on the market for all houses.) First counting the number of residences that were for sale in February and still on the market in April, then comparing them to the same stats for last year revealed a slight increase in 2014 in the number still unsold after two months. (And this is the springtime market, traditionally a boom time for sales.)
In 2013, 40 percent of houses were still on the market after two months, but in 2014, that number had crept up to 44 percent. Maybe that's because they also found that asking prices were up a huge 17 percent over last year. Still, even with those less-than-exciting numbers, LA's market is still the seventh fastest among metros in the country, but it's "cooling off" for sure.
· Where Homes Are Going Fastest This Spring [Trulia]