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Full Orange County Housing Report
The active listing inventory increased by 10 homes, nearly unchanged, and now sits at 3,656. It has only risen by 18 homes total in the past month. On average, the 3-years prior to COVID (2017 to 2019), the inventory fell by 3% during these past four weeks and does not remain flat. It is not that there has been an increase in the number of sellers that has kept the inventory from falling; rather, it is the giant drop in demand since rates spiked recently.
The number of new escrows over the prior month, decreased from 1,598 to 1,427 in the past couple of weeks, shedding 171 pending sales, or down 11%. It was largest drop of the year. In the past four weeks demand has dropped by 19%, or 329 pending sales. The market is still absorbing increasing mortgage rates as the pool of potential buyers continues to shrink. Affordability is a major issue and with rates surpassing 7%, the issue grows even more challenging. Expect demand to remain incredibly muted and continue its decent through the end of the year and holiday season, typically the slowest time of the year for real estate.