Orange County Housing Market Update for April 2024

Orange County Housing Market Update: April 2024

Inventory on the Rise, Prices Still Climbing

The Orange County housing market in April showed signs of a shift, with some key trends emerging:

• Inventory Increase: April saw a notable rise in available listings compared to March. This suggests a potentially more balanced market, offering buyers more options.
• New Listings Down: Despite the increase in overall inventory, the number of new listings hitting the market actually dipped for the second month in a row. This is unusual for the spring season.
• Prices Keep Rising: Even with more options, home prices remained on an upward trajectory. The median sales price reached a new high of $1.15 million, representing an 18% increase year-over-year.
• Days on Market Steady: Homes continued to sell quickly, with the average number of days on market staying around 9 days.

What This Means for Buyers and Sellers

• Buyers: With slightly more inventory, competition might be less fierce than in previous months. However, affordability remains a challenge due to high prices and rising mortgage rates (hovering around 7%).
• Sellers: While the market still favors sellers, the increasing inventory suggests it might be wise to price competitively to attract buyers quickly.

Looking Ahead

It's still early to say definitively how these trends will play out. Experts predict the market will remain competitive through the summer. It will be interesting to see how the rising inventory and continued high prices will affect the market balance in the coming months.