Orange County Market Snapshot

The number of homes that sold in Orange County during Q2 2019 was 13% below a year earlier. This downward trend continues 2018’s 9% year-end decrease.

As sales volume has slowed, the inventory of homes available for sale has grown. At the end of Q2 2019, 9,400 homes were for sale in Orange County, up 9% from 8,600 a year earlier. While gradually increasing in 2019, today’s inventory is still low in comparison with historic standards.

Home prices in the region are slowing from month-to-month, but continue to rise on an annual basis, currently averaging 3% above a year earlier. The average share of listings receiving a price cut at the end of Q2 2019 was 19%, up from 17% a year earlier.

Interest rates have decreased in recent months, averaging 3.9% for a 30-year fixed rate mortgage (FRM) at the end of Q2 2019. This average rate is below this time last year, a positive change for homebuyers, as FRM rates peaked in late-2018 and have since fallen back.

Thinking about buying or selling? Contact me for more specifics on buying or selling in your neighborhood!

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