Each month I do a general overview of the OC real estate market, but at the end of the year I do a recap of the year, including evaluating how the previous year's forecasts fared. And then a forecast for the upcoming year.
Summary:
INTEREST RATES: Over the month rates dropped from 6.77% to 6.72% - continuing the several-month trend of fairly flat rates
EXPECTED MARKET TIME: Over July we went from 91 days up to 95 days across the county - a balanced market. This is substantially higher then the previous 3 years and the 2017-2019 Pre-Covid average.
SUPPLY/INVENTORY: Inventory up 7% and the highest level since November 2019. Last year there were 1/3rd fewer homes on the market.
DEMAND/SALES: essentially flat, 5%lower than last year.
BY PRICE: Above $2.5 (the top 10% of homes), inventory was down 3% and sales were dead flat. In every single price category - except for homes over $6 million, the market softened. Homes under $1.5 remain a sellers market, but it cooled off; it's a balanced market from $1.5 to $4, cooling off on the lower end and waring up towards the upper; above $4 it warmed up, but remains a buyers market.
Michael Hausam is a licensed Real Estate Broker (BRE #1319560) and Mortgage Loan Originator (NMLS # 1577195). He's been a resident of Orange County, CA since 1990, he funded his first mortgage loan in 1991, has had a B-1 general contractors license since 2005, and he has had his real estate license for over 21 years.
Thank you,Michael Hausam
For more information on the systems that I use and the extremely effective strategies I employ for both home buyers and sellers, please contact me.
Phone: 949.413.2371
Email: Michael@HausamGroup.com
Michael Hausam is a licensed Real Estate Broker (BRE Agent #1319560) and Mortgage Loan Originator (NMLS # 1577195). He's been a resident of Orange County, CA since 1990, he funded his first mortgage loan in 1991, has had a B-1 general contractors license since 2005, and he has had his real estate license for over 24 years.
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