Orange County real estate is currently in a state of flux, with homes selling closer to the asking price and with less urgency. According to the most recent data from C, A, R, July ended with a large number of active ads in the area and a slight increase in closed sales. This has resulted in a somewhat stagnant housing market, as high interest rates have made affordability more difficult than in other markets. Despite this, home values remain strong and are in line with the national trend. The volume of home sales in Orange County is weak and has stalled at just over half the levels seen during the Millennium boom.
To make it easier to access this information, a website dedicated to real estate data for all cities in Orange County has been created. With current economic risks looming due to rising interest rates and stock market volatility, housing market trends remain upward. Buyers are also competing against companies, both large and small, that invest in Orange County properties. This has resulted in homes selling on average 3.2% less than the list price. We will be keeping an eye on these trends to see if the housing market shows signs of slowing down due to inflation and high mortgage rates. The real estate industry will see an increase in jobs starting in 2025, with the housing market recovering from the next recession.
This translates into a slightly lower homeownership rate in the short term, but encourages a more stable future housing market in Orange County and the state.