The Orange County housing market is showing signs of cooling off, with an increasing number of homes available on the market. At OC Real Estate Inc., we're here to provide you with the most important data points, such as the days on the market and the list price.
It's worth noting that while there isn't much oversupply, homes sell on average 3.2% less than the list price in Orange County.This has resulted in a somewhat stagnant housing market in the area, as high interest rates have affected affordability more than in other markets. Homes that sold below sale prices increased by 10.7% in Los Angeles and Orange Counties and by 10.3% in Riverside and San Bernardino Counties. The US, UK, New Jersey, Nashville and Hawaii housing markets are all experiencing similar trends.
Despite current market challenges, home values in Orange County remain strong, in line with the national trend. Experts believe that the lack of homes for sale will boost the single-family residential housing industry in Southern California and Orange County as the year progresses, despite possible recession and other Black Swan fears. With current economic risks looming due to rising interest rates and stock market volatility, housing market trends remain upward. The article also discussed how buyers compete against companies, large and small, that invest in Orange County properties. It's clear that homebuyer interest is increasing, as demonstrated by the upward trend in Google Trends and the decline in residential inventory for sale in Orange County. July ended with a large number of active ads in Orange County and a slight increase in closed sales. Overall, it appears that while the Orange County housing market is slowing down, it is still a strong market with plenty of potential for buyers. With interest rates remaining low and inventory increasing, now is a great time to buy a home in Orange County.