Orange County Housing Report:   Crash Coming?

With housing values soaring like they did prior to the Great Recession coupled with recent inflation news, many are calling for a correction in housing.

No Crash Coming

Housing data illustrates that there is not a housing crash on the horizon.

Once again, housing is soaring upward with seemingly no end in sight. Buyers are tripping over each other, willing to pay tens of thousands of dollars above the asking price. Throw in the news of rising inflation and the potential of drastically higher mortgage rates, the madness must come to a screeching halt soon, right? Even though so many are anticipating and reporting that a housing crash is eminent, it simply is not going to occur, not now, not…

Orange County Housing Report: On the Endangered List

The lower price ranges are disappearing with far fewer homes available to purchase, and it is impacting the number of affordable closed sales.

Vanishing Lower Ranges

A mind-blowing 29% fewer homes have come on the market below $750,000 so far this year.

In the first quarter of 2012, there were 5,553 closed sales below $750,000, 87% of all sales. It was 71% of all sales in 2016, and 51% last year. In 2021, only 41% of all sales were below $750,000 in the first quarter. As home prices have appreciated over the years, the lower price ranges have dwindled and became a smaller percentage of the housing stock. It is not merely the fact that fewer homeowners within these more affordable price…