Most of 2016 offered the same monthly housing market highlights. As evidenced in the Orange County Housing Report the number of homes for sale was drastically down in year-over-year comparisons, along with time on the market and supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year drew to a close we elected a new president and mortgage rates increased. neither of which are expected to have a negative impact on real estate in 2017.
Year over year new listings were down 9.2% for single family homes and 0.4% for townhouse-condo properties. Pending sales decreased 41.6% for single family homes and 41.0% for townhouse-condo units.
The median sales price was up 4.5% to $626,000 for single family homes and up 4.9% to $398,444 for townhouse-condo properties. The supply of housing inventory decreased 12% for single family homes and decreased 14.3% for townhouse-condo units.
The general feeling about prospects for Orange County Housing for the immediate future is optimism. Despite continued challenges in this market, like low inventory and higher competition, there are still opportunities for buyers who are prepared to be creative and diligent.
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Source: Pacific West Association of Realtors