There is a national sentiment that has given rise to the notion that housing markets are stalling. Although serious buyers are out on an increasing number of showings, there remains a limited number of desirable listings. Further home prices have reached unaffordable levels for many new buyers at the same time that established owners are proving to be less interested in moving. even though mortgage rates have remained low.
The Orange County Housing Report indicates a seasonal slow down. Year over year new listigs in Orange County were down 9.9% year over year for single family homes and 15.3% for townhouse-condo properties. Pending sales decreased 44.9% for single family homes and 52. % for townhouse-condo units. The median sales price was up 8.6% to $684,250 for single family homes and 8.5% to $445,000 for townhouse-condo properties. The supply of inventory decreased 14.7% for single family units and 15.4% for townhouse-condo units.
Source: Pacific West Association of Realtors Residential activity in all PWRAOR areas of LA and Orange County CA
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