The Orange County real estate market is showing signs of renewed momentum heading into the fall season. As top Orange County real estate agents, we've analyzed the latest data to bring you insights on where the market stands and what to expect in the coming months.
Single family homes in Orange County are experiencing a resurgence in activity. New listings were up 6.4% annually in August and 14% overall for the year, reflecting growing confidence among homeowners to sell and upgrade or rightsize their properties. This trend is supported by continued home price appreciation, putting sellers in a strong position.
Pending and closed sales have also risen, up 1% for pending sales and 3% for closed sales annually year-to-date. With new listings outpacing sales, active listing inventory increased 22.7% annually in August. The months supply of inventory rose from 2.2 to 2.8 months, still indicating a seller's market but providing more options for homebuyers and sellers looking to buy again in the area.
The median sale price for single family homes in Orange County reached $1,350,000 in August, a 5.1% year-over-year increase. As top Orange County listing agents, we expect this appreciation to continue at a steady pace.
The Orange County condo market is exhibiting similar trends to single family homes. New condo listings surged 13.8% in August, while pending and sold listings saw smaller increases. The median sales price for condos is up 6.8% year-to-date to $780,000.
The most significant shift is in condo listing supply, with active listings up 36.8% annually and months supply of inventory increasing from 1.8 to 2.5 months. Although this represents a nearly 40% increase, condo supply remains tight with room for growth toward balanced levels.
Falling mortgage rates, currently near two-year lows, are a boon for housing affordability and are expected to stimulate buyer demand. (You can track current mortgage rates at MortgageNewsDaily.com.) The Federal Reserve's anticipated shift to an interest-rate-cutting cycle has already been factored into mortgage rates, which follow the more speculative bond market. (That means you should not necessarily wait for lower rates, if you want to buy/take a mortgage soon.)
While some uncertainty surrounds the upcoming presidential election, historical data shows the housing market is more closely correlated with overall economic factors like inflation, unemployment, and interest rates than with election cycles. With these key indicators currently improving, the Orange County real estate market appears poised for growth.
After three years of record-low home sales, current homeowners and first-time buyers in Orange County should find expanded options and opportunities to achieve their desired lifestyle in their ideal home and location. As leading buyer agents in Orange County, we are excited to help clients navigate this evolving market.
The Orange County housing market is showing promising signs as we enter the fall of 2024 and into next year. Increased inventory, steady price appreciation, falling mortgage rates, and a strengthening economy are converging to create more favorable conditions for both buyers and sellers.
If you're considering buying or selling a home in Orange County, now is an excellent time to explore your options. As top-rated Orange County realtors, we are here to guide you through the process and help you achieve your real estate goals. Contact us today for a free home valuation or to start your home search in desirable communities like Laguna Hills, Laguna Niguel, Dana Point, Laguna Beach, San Clemente, Mission Viejo, San Juan Capistrano, Aliso Viejo, and Newport Beach.
Stay tuned for more Orange County real estate market updates and insights. In the meantime, browse our exclusive listings and luxury properties and explore the vibrant neighborhoods we serve. Let us help you unlock your real estate goals in Orange County! Contact us here.
