- The median home price in Orange County was $1.1 million in August, down 0.4% from June.
- The number of homes for sale increased by 10% from July, but inventory remains low.
- The days on market for homes sold in August was 19 days, down from 22 days in July.
- The bidding war rate decreased to 85% in August, from 90% in July.
- Homebuyers are facing rising interest rates, which could dampen demand in the coming months.
Overall, the Orange County real estate market remains strong, but there are some signs that the pace of price appreciation is starting to slow. The increase in inventory is a positive sign for buyers, but it remains to be seen whether it will be enough to cool the market.
Here are some of the factors that are affecting the Orange County real estate market in August 2023:
- Rising interest rates: The Federal Reserve has raised interest rates several times in recent months, and this is expected to continue in the coming months. Rising interest rates make it more expensive to borrow money, which could dampen demand for homes.
- Inflation: Inflation is at a 40-year high, and this is also putting pressure on homebuyers. Inflation is making it more expensive to buy everything from food to gas, which leaves less money available for home purchases.
- Supply chain disruptions: The ongoing supply chain disruptions are also affecting the housing market. The lack of available materials and labor is making it more difficult to build new homes, which is contributing to the low inventory of homes for sale.
Despite these challenges, the Orange County real estate market is still expected to remain strong in the coming months. The region is a desirable place to live and work, and there is still strong demand for homes. However, buyers should be prepared to face rising interest rates and limited inventory.
If you are thinking about buying or selling a home in Orange County, it is important to work with a real estate agent who is familiar with the market. A good agent can help you navigate the challenges of the current market and find the best deal possible.