Full Orange County Housing Report

SUPPLY:

THE ACTIVE LISTING INVENTORY IS DOWN 9% AS IT SHED 239 HOMES IN THE PAST COUPLE OF WEEKS. IT NOW SITS AT 2,289 HOMES, THE LARGEST DROP OF THE YEAR. WITH THE START OF THE AUTUMN MARKET, EXPECT THE INVENTORY TO CONTINUE TO SLOWLY DROP FROM NOW THROUGH MID-NOVEMBER, THE START OF THE HOLIDAY MARKET. THIS IS SETTING THE STAGE FOR A RECORD LOW LEVEL START TO 2022, INVENTORY DROPPING BELOW THE UNBELIEVABLY LOW START THIS YEAR. THE SUPPLY CRISIS WILL CONTINUE FOR THE UNFORESEEABLE FUTURE.

DEMAND:

DEMAND, A SNAPSHOT OF THE NUMBER OF NEW PENDING SALES OVER THE PRIOR MONTH, REMAINS UNCHANGED. THE CURRENT DEMAND REMAINS AT SURPRISINGLY HIGH LEVELS, EVEN THOUGH THERE ARE SO FEW HOMES COMING ON THE MARKET. THE DESIRE TO PURCHASE REMAINS VERY STRONG, WHICH IS WHY THE INVENTORY IS DROPPING SO FAST RIGHT NOW. BUYERS ARE COMPETING AMONG A LIMITED SELECTION. WITH FEWER NEW CHOICES INTO THE AUTUMN MARKET, DEMAND WILL SLOWLY DROP THROUGH MID-NOVEMBER INTO THE HOLIDAY MARKET. THEN DEMAND WILL PLUNGE TO ITS LOWEST LEVEL BY YEAR’S END. MORTGAGE RATES REMAIN AT HISTORICALLY LOW LEVELS, WHICH WILL CONTINUE TO FEED DEMAND.
Redderson Real Estate Professionals
Redderson Real Estate Professionals
Broker Associate
1397 Calle Avanzado San Clemente CA 92673