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Full Orange County Housing Report
The current active inventory grew by 3% in the past two weeks.The active listing inventory increased by 28 homes in the past couple of weeks, up 3%, and now sits at 1,100 homes. Two weeks ago, December 23rd, the inventory had plunged to 1,072 homes. It sank further on January 1st to 954 homes, the lowest level since tracking began 18 years ago. Since New Year’s Day, the inventory has risen by 15%, adding 146 homes. Typically, the inventory slowly and methodically rises from the start of the year until it peaks between July and August. But during the pandemic, housing has not been typical at all. Last year the inventory continued to drop after ringing in New Year until the first week of June, far from ordinary. The big difference this year is a rising mortgage rate environment. The further rates climb, the more the inventory will climb over the coming months.