Real Estate News 06/24/2025

Today’s News Synopsis:

In The News:

Los Angeles Times – “Housing Tracker: Southern California home prices dip in May” (06-24-25)

“Southern California home prices declined slightly in May compared to a year earlier, the first annual drop since 2023.“

FOX Business – “Real estate company Compass sues Zillow over consumers ‘right to choose’” (06-24-2025)

“On Monday, real estate brokerage Compass filed a 60-page complaint in Manhattan federal court, claiming that Zillow is improperly refusing to list homes on its site that were first listed elsewhere.”

Redfin – “What Are Granny Pods? Essential Guide to ADUs, Costs, Permits, and Accessibility“ (06-16-25)

“A “granny pod,” also known as an Accessory Dwelling Unit (ADU), in-law suite, or backyard cottage, is a small, self-contained living space typically located on the same property as a primary residence. ”

NAR – “Instant Reaction: Mortgage Rates, June 18, 2025“ (06-19-25)

“The average 30-year mortgage rate dipped slightly to 6.81%, offering continued stability for homebuyers. With more inventory and negotiating power in some markets, buyers have room to explore. However, mortgage applications are down, builder confidence has dropped to a 13-year low, and housing starts continue to fall—signaling ongoing challenges in affordability and construction.”

Redfin – “When Does the Seller Get Money After Closing? Learn How Soon You Can Expect To Get Paid”(06-24-25)

“It typically takes between 30-60 days from accepting an offer on your home to closing a sale. This delay is the result of the due diligence period, where the buyer will conduct inspections and other research before actually signing any papers.”