July 12, 2024

A just released Zillo report showed that home values continued to slide for the ninth consecutive quarter, declining 14.2 percent from a year ago, and falling 21.8 percent since the market peak in 2006. Additionally, one-fifth (21.9%) of all homeowners in the United States is in negative equity, and one in five homes sold in the past 12 months was a foreclosure.

 San Diego California home values

 

San Dieho home sales

The Zillo report also showed that there is a massive amount of "shadow inventory" waiting to come online. Specifically, 12% of homeowners say they're "very likely" to put their home on the market if there was evidence that the market was turning around. Another 8% were "likely" and another 12% were "somewhat likely". In short, there might be another ~20 million homes waiting in the wings to come onto the market as we see signs of a recovery. When asked what "sign of recovery" they needed, 71% said "increasing home sales in my neighborhood". That's a massive amount of potential new listings.           San Diego real estate agents

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