One year ago, Congress defunded public media. Now that we're 100% community funded, please become a sustaining member or increase your existing membership today.
Far Fewer Homes Are For Sale In LA, But Virtual Tours Are Up 400%
A for sale sign last March in Monterey Park. (Frederic J. Brown / Getty Images)
One part of the economy feeling the effects of the pandemic is real estate. According to new data from the listing service Zillow, the market has significantly slowed during the fallout from coronavirus.
Zillow economist Jeff Tucker says new listings in Los Angeles are just a quarter of what they were a year ago.
Sellers have definitely gotten the memo that hey, buyers are kind of pulling back right now. And now sellers are pulling back. Everyone's kind of taking a wait and see approach to see you know, just how much economic damage is going to be caused, how long is it going to last.
Tucker says property prices have stayed the same so far, and with L.A.'s highly competitive housing market, it would take a big dent such as mass foreclosures to significantly lower the market.
MORE ON SOCAL HOUSING
- LAist Reader Pledges To Pay Rent Of Mother Facing Eviction
- Read The Letters SoCal Landlords Are Sending As Rent Comes Due In This Pandemic
- Landlord Demands ‘100%’ Of Stimulus Money For Back Rent; Later Says It’s Misunderstanding
Our news is free on LAist. To make sure you get our coverage: Sign up for our daily coronavirus newsletter. To support our non-profit public service journalism: Donate Now.
One year ago, Congress voted to defund public media, eliminating a critical $1.7 million from our budget every year going forward. But they couldn’t silence us, and we’re not going anywhere. LAist is now 100% community funded and that means we’re taking our future into our own hands and turning to you to keep local reporting strong.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Senior Vice President News, Editor in Chief
