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Full Orange County Housing Report
The active listing inventory added 8 homes in the past couple of weeks, nearly unchanged, and now sits at 2,255 homes. With kids getting out of school, summer vacation has arrived and so has the Summer Market for housing. Typically, demand slightly drops with the distractions of summer, which allows the inventory to rise. Yet, housing is far from typical given today’s exceptionally hot levels. That means that the supply of available homes to purchase will not rise enough to get to a much more normal, healthy, sustainable level until mortgage rates start to rise.
Demand, a snapshot of the number of new pending sales over the prior month, decreased from 3,127 to 3,083in the past couple of weeks, shedding 44 pending sales, down 1%. Demand readings are red-hot today, yet would be even hotter if more homeowners opted to list their homes FOR-SALE. The trend of fewer homeowners selling will be here to stay until rates rise and homes take a bit longer to sell, allowing for the inventory to climb.
*For specific housing market data for your city please contact us!