Dave Redderson

DRE: 01423207


(949) 338-6901
(949) 753-7888 (Office)

Orange County Housing Report

Active Listings:

The active listing inventory decreased by 67 homes in the past two weeks, down 3%, and now sits at 2,017. This is not a typical Spring Market when both supply and demand rise. Instead, even with rates bouncing around 7%, many buyers are tired of waiting for either prices to come down or rates to drop precipitously. The inventory continues to struggle to grow, partly due to increased buyer demand but also due to a lack of homeowners willing to sell. Too many homeowners opt to stay put and remain in their homes, enjoying their ultra-low, fixed-rate mortgage payments.

 

 

Buyer Demand:

Demand, a snapshot of the number of new pending sales over the prior month, increased from 1,538 to 1,617 in the past couple of weeks, up 79 pending sales, or 5%, its highest level since May. Affordability is a real issue in today’s housing market and high mortgage rate environment. Demand is stuck at very low levels. Yet, in matching the small demand readings to the crumbs of available homes to purchase, the market feels extremely hot from the buyer’s perspective. If rates drop in the coming months, as forecasted by many economists, expect even more buyer competition and the market to become even hotter.

 

chart