The State of Real Estate

Orange County Home Prices Start to Level Off

Home Living Report – Orange County Real Estate News by Diego Loya

Home prices in Orange County have leveled off some for a couple of reasons. One, there is just less demand. Earlier this year there was a flurry of buyers looking to purchase a home but there are less buyers right now looking to buy. Two, there’s more homes for sale. Even though there isn’t a huge amount of new listings for sale, that 2 plus percent last month does make a difference.

Do you hear that? Hummmmm. That’s the delightful sound of normalcy. Buyers are buying, sellers are selling, lenders are lending and builders are building. Sure, this varies from region to region and even city to city within a region or state, but by and large, things are returning to normal. All major indices showcase fairly robust price recovery. Consumer confidence isn’t what it could be, but it’s sufficient for now.

  • New Listings were up 2.6 percent for detached homes and increased 26.6 percent for attached properties.
  • Pending Sales decreased 2.5 percent for single family homes but increased 3.7 percent for townhouse-condo properties.
  • The Median Sales Price was up 22.2 percent to $525,000 for detached homes and 31 percent to $330,000 for attached properties.
  • Months Supply of  Inventory decreased 32.4 percent for single-family units and 17.9 percent for townhouse-condo units.

There’s some evidence that it’s not just first-time home buyers fueling the recovery. Move-up buyers are also pulling their weight. Some baby-boomers are ready to look for less space, nudging Junior out of the basement. The pizza boxes and late-night video games get old, plus there’s a fresh crop of buyers looking for a bigger space to raise their own little darlings.

Want to Sell Your Home?

Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040 .  [gravityform id=”2″ name=”Send us Your Questions and Comments” title=”false” description=”false”] *Data from PWR and includes Orange County and some surrounding areas.

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By Diego Loya

Diego Loya is a Realtor - Broker at Home Living Real Estate Brokerage, a Orange County full services real estate company. Over the past 12 years, Diego has helped homeowners sell and buy their homes. He's loves educating and empowering real estate consumers. You can find him on Google, Facebook and Twitter.

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