Orange County Market Snapshot

The number of homes that have sold in Orange County during 2018 is 7% below a year earlier as of October. This translates to 2,100 fewer homes that have sold across the region this year.

As sales volume has slowed, the inventory of homes available for sale has grown. As of October 2018, 31,400 homes were for sale in the Orange County area, up significantly from 23,300 a year earlier, when inventory was near an historic low. While higher than 2017, 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 6% above a year earlier. The average price-to-list ratio is currently 98% in the Orange County area, just below a year earlier.

Interest rates also continue to rise, currently averaging 4.5% for a 30-year fixed rate mortgage (FRM). This average rate is up from 3.8% this time last year. As a result, today’s homebuyer is qualifying for smaller mortgage amounts with the same income and down payment.

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

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