Orange County Housing Report
Active Listings:
The active inventory increased by 3% in the past couple of weeks.
The active listing inventory increased by 63 homes in the past two weeks, up 3%, and now sits at 2,139 homes, its largest rise of the year. The 3-year average rise before COVID (2017 to 2019) was 259 homes. Last year, it surged higher by 17%, adding 348. The 63-home rise is doing very little to address the inventory crisis that is starved for more available homes. From here, we can expect the inventory to rise slowly until peaking between July and mid-August. That leaves little time to build an inventory. The lack of available homes is a profoundly entrenched trend that will not improve much anytime soon.
Demand:
Demand decreased by 3% in the past couple of weeks.
Demand, a snapshot of the number of new escrows over the prior month, decreased from 1,706 to 1,660 in the past couple of weeks, down 46 pending sales, or 3%. Today’s level is the lowest for mid-May since 2020, during the initial COVID lockdown, when it climbed to 1,622. It is crucial to understand that today’s demand readings are not only impacted by higher mortgage rates and unaffordability but also substantially affected by significantly fewer sellers coming on the market. Demand may be low, but the buyers in the house-hunting game are competing against each other. The market is very hot despite lower demand and fewer sales.
1397 Calle Avanzado
San Clemente
CA
92673
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