Orange County Housing Report

Active Inventory: The active inventory grew by 2% in the past two-weeks.

The active listing inventory continued its climb in the past two-weeks, adding 134 homes, or 2%, and now totals 6,893, its highest level since September 2016. Expect the active inventory to peak within the next few weeks. From there, housing transitions into the Autumn Market with fewer homes entering the fray and many sellers throwing in the towel and pulling their homes off the market after not finding success in both the spring and summer.

Last year at this time, there were 5,877 homes on the market, 1,016 fewer. That means that there are 17% more homes available today. The year over year difference is growing week by week. The trend of more homes on the market year over year is here to stay.

Demand:  Demand did not change over the past two weeks.                                                        

In the past two-weeks, demand, the number of pending sales over the prior 30-days, increased by 1 pending sale and now totals 2,394, the lowest demand reading for this time of the year since 2007. Lackluster demand that has not been seen since 2007 is a trend that started in April and looks to continue. Expect demand to drop further from now through the end of the year. Typically, demand downshifts from here because the best time to sell is in the rearview mirror. Fewer families desire to make a move once the kids are back in school, which for many starts as early as next week. Many families pull out of the house hunt in August and demand drops.

Last year at this time, demand was at 2,890 pending sales, 21% more than today, or 496 additional pending sales.

MTR1.pngMTR2.png

Redderson Real Estate Professionals
Redderson Real Estate Professionals
Broker Associate