Orange County CA Housing Update
August and September tend to mark the waning of housing activity ahead of the school year. There are enough households with children that historically creates a natural market cool down as parents do not want to uproot their children during the school year. However, there are plenty of savvy sellers and buyers that know deals can be made well into the school months and competition is expected to remain fierce for available listings.
Year over year new listings were down 8% for single family homes and 9.2% for townhouse-condo properties. Pending sales decreased 40.8% for single family homes and 44.6% for townhouse-condo properties. From this time last year, the median sales price was up 4.7% percent to $680,000 for single family homes and up 3.6% to $430,000 for townhouse-condo units. The supply of Inventory decreased 13.9% for single family units and 14.8% for townhouse-condo units.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
Source: Pacific West Association of Realtors. Residential activity in all PWRAOR areas of LA and Orange County CA
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