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Billy OBrien, REALTOR®, Calif.
Century 21 Award, Calif.
562-726-4183
DRE 01952648
hello@iambillyobrien.realtor
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  • THE POWER OF THE BRAND
  • ABOUT US
    • ABOUT BILLY
    • CONTACT BILLY
    • CERTIFICATIONS
    • OUR COMPANY
    • OUR BLOG
  • SUCCESS STORIES
  • WHAT’S MY HOME WORTH?
  • BUY WITH CONFIDENCE
  • GET YOUR LOCAL MARKET DATA REPORT
  • SCHEDULE A BUYER OR SELLER CONSULTATION
  • SCHEDULE A HOME TOUR
  • HOMES FOR SALE
    • MORE ABOUT THE 18 HISTORIC DISTRICTS
    • LONG BEACH HISTORIC HOMES
    • ◊ BELMONT HEIGHTS ◊ EST 7 MAY 2002
    • ◊ BLUFF HEIGHTS ◊ EST 13 JULY 2004
    • ◊ BLUFF PARK ◊ EST 29 JULY 1982
    • ◊ BRENNER PLACE ◊ EST 1 JAN 1994
    • ◊ CALIFORNIA HEIGHTS ◊ EST 29 AUG 2000
    • ◊ CARROLL PARK ◊ EST 24 JULY 1990
    • ◊ CRAFTSMAN VILLAGE ◊ EST 27 OCT 1992
    • ◊ DRAKE PARK / WILLMORE CITY ◊ EST 28 APR 1998
    • ◊ ELIOT LANE ◊ EST 9 SEP 2003
    • ◊ ROSE PARK SOUTH ◊ EST 7 AUG 2001
    • ◊ SUNRISE BOULEVARD ◊ EST 20 DEC 1990
    • ◊ WILTON STREET ◊ EST 1 AUG 1995
    • ◊ WRIGLEY ◊ EST 12 DEC 1989
    • LONG BEACH HISTORIC DISTRICT VIDEOS
    • CLIFF MAY HOMES
    • LEISURE WORLD SEAL BEACH
    • POMONA, CALIFORNIA HISTORIC DISTRICTS
    • HISTORIC HOME TOURS & RESTORATION VIDEOS
    • ◊ LINDEN AVENUE ◊ EST 5 APRIL 1994
    • ◊ LOWENA DRIVE ◊ EST 11 FEB 1992
    • ◊ NEHYAM NEIGHBORHOOD ◊ EST ?15 OCT 2019?
    • ◊ MINERVA PARK PLACE ◊ EST 7 NOV 1989
    • ◊ ROSE PARK ◊ EST 9 SEP 1997
  • OLD HOMES RESOURCE GUIDE
    • ANTIQUE METAL REFINISHING
    • APPLIANCES
    • ARCHITECTS
    • ARTWORK
    • BLOGS
    • CLOCKS
    • CONSERVATORIES
    • COPPER WARE
    • ELECTRICAL
    • FABRICS AND TEXTILES
    • FIREPLACE TOOLS
    • FURNITURE
    • FURNITURE REFINISHING
    • GARAGE DOORS
    • GATES
    • GENERAL CONTRACTOR
    • GLASS
    • HARDWOOD FLOORING
    • HISTORIC HOME RESTORATION
    • HISTORIC PAINT COLORS
    • INTERIOR DESIGN
    • KITCHEN CABINETRY
    • LANDSCAPING
    • LOCKSMITH
    • NATIVE PLANTS
    • LIGHTING & HARDWARE-PERIOD & REPRODUCTION
    • SALVAGE
    • STYLE
    • TILE ◊ REPRODUCTION, VINTAGE, SALVAGE, COLLECTIONS, REPAIRS, HANDMADE, BRAND NAME
    • WALLPAPER
    • WINDOWS AND DOORS
    • WOODWORKING
    • PAINTER
    • PLASTER/STUCCO
    • PLUMBING
    • POTTERY
    • PRINTING
    • ROOFING
  • PREFFERED LENDER
    • LENDER PAPER WORK 101
    • Mortgage Calculator
  • LONG BEACH UNIFIED SCHOOL DISTRICT
    • SEARCH LONG BEACH UNIFIED SCHOOLS BY ZIP CODE OR HISTORIC DISTRICT
  • COMMUNITY WATCH STARTER KIT
  • LONG BEACH RESTAURANTS, PUBS & BARS
  • LONG BEACH TRAFIC SIGNAL BOX ART
  • CITY OF LONG BEACH HISTORIC LANDMARKS
  • LONG BEACH HISTORY | 1784 to 1988
    • IMPORTANT DATES IN THE HISTORY OF RANCHO LOS CERRITOS
    • VIDEOS ON LONG BEACH HISTORY
  • THE ARTS AND CRAFTS MOVEMENT AROUND THE WORLD
    • ARTS AND CRAFTS MOVEMENT DESIGN
    • ERNEST A BATCHELDER
  • GREENE&GREENE
    • ADELAIDE TICHENOR HOUSE
    • JENNIE A REEVE – TOWNSEND HOUSE
  • GUIDE TO RESIDENTIAL ARCHITECTURAL STYLES
  • TED WELLS
  • PRESERVATION
    • MOST HOMES HAVE A PAST …
    • LEVELS OF HISTORIC DESIGNATION
    • MILLS ACT
    • HISTORICAL SOCIETY OF LONG BEACH
  • LONG BEACH MEDIA
  • STAGING 1,2,3
  • Home
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Housing inventory is down 40%. Buyers are paying the price - Annual home prices grew 11.6% in January

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April 5, 2021, 8:41 am By Georgia Kromrei ,04/6/2021

Prices are up sharply as housing inventory continues to plateau, leaving 40% fewer homes on the market compared to last year, according to a report prepared by Black Knight.

Instead of making up for the shortfall, new listings have slumped further in 2021. Year-over-year, new listing volumes were down 16% in January and 21% in February — amounting to a 125,000 deficit in inventory compared to the same time in 2020.

“Any hopes of 2021 bringing an influx of homes to the market and lessening pressure on prices appear to be dashed for now,” said Ben Graboske, Black Knight’s data and analytics president.Buyers who were fortunate enough to snag an available single-family home – new listings are down 46% from a year ago – paid a premium. In February, the median single-family sales price rose nearly 16% from last year.

Home prices in most big cities also increased due to low inventory. In nearly three quarters of the 100 largest U.S. markets, annual home prices grew more than 10%. Overall, home prices grew 11.6% year-over-year in January, the most growth in a single year since 2005.

 Boise, Idaho, and Spokane, Washington saw the greatest home-price appreciation, growing 26% and 20% year-over-year, respectively. In Chicago, meanwhile, home prices grew just 7%.

“Of course, upward pressure on home prices has also served to tighten affordability, and with rates on the rise, affordability concerns are coming into sharper relief,” said Graboske.

Housing affordability is at its lowest point since 2019 as a result of low inventory and high prices. The share of median income needed to make payments on an average-priced home with a 20% down payment is now 20%.

But in some high-priced markets, the affordability pressure is even more acute. In Los Angeles, the share of income required to pay a mortgage swelled to 44%. San Jose and San Francisco were not far behind, with a mortgage payment eating up 40% and 37% of the median income o average. In other cities, like Cleveland and Cincinnati, Ohio, a mortgage payment represents just 14% of the median income.

After eight straight months of declines, the national mortgage delinquency rate rose to 6.0% in February from 5.85% the prior month. The troubling figure may not indicate an increased financial strain on homeowners, however. The increase coincided with a short month that ended on a Sunday, leaving fewer days to make payments.

The daily mortgage payment rate, which is not affected by calendar month irregularities, rose to an eight-month high in February. The number of active forbearance plans dwindled to 2.57 million, the lowest level of paused payments since April 2020.

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