Orange County Housing Report:  Top 5 Trends

When there is so much noise swirling around housing, it is a good idea to take a step back and focus on the trends

Top 5 Housing Trends

With nearly half of 2021 in the rearview mirror, there are noticeable trends that have developed.

1. The number of available homes to purchase is finally starting to rise. The unprecedented, ultra-low inventory has been the story for over a year now. At the start of last year, there already were not enough homes on the market, and then COVID-19 made things worse when many homeowners opted to not sell their homes. Ultimately, that led to this year’s anemic historically low level of available homes. In fact, today’s inventory is 64% less than the 5-year average…

Orange County Housing Report:  Summer Transition

The Summer Market is officially here and with it typically

comes an increase in the inventory, a slight drop in

demand, and a rise in market time.

Expect a downshift from the Spring Market to the Summer Market.

The distractions of summer impact the housing market. The busiest time of the year in terms of demand, the Spring Market, comes to an end with the conclusion of the school year and graduations. The Summer Market lasts from the end of May to the start of school at the end of August. Summer is when active buyers are pulled away from the frantic pace of housing. Kids are home and parents are busy carpooling to camps, water parks, pools, beaches, and friends’ houses.

During the…

Orange County Housing Report: Is Housing Unaffordable?

As home values rocket upwards, affordability weakens, yet homes are still not too far out of reach for most buyers because of low mortgage rates. Low Rates Prop Up Affordability Even with record level home prices.

Low mortgage rates have kept affordability in check.

Looking only at housing prices tells only part of the story. It is important to also consider household incomes and the prevailing mortgage rates. Naysayers are quick to point out how the median sales price was much lower back in prior years; however, taking into consideration both the median income and the average 30-year mortgage rate illustrates how buyers can afford so much more today. The historically low mortgage…