Orange County Real Estate Market Report - May 2024

by Mark Witte

Market at a Glance:

Prices: Median sales prices reached new highs in May, continuing the upward trend.
Inventory: Inventory levels ticked up slightly compared to April, but remain historically low.
Days on Market: Homes continued to sell quickly, indicating a competitive seller's market.
Interest Rates: Mortgage rates fluctuated throughout May, but settled around 7%, impacting affordability.

Key Findings:

Median sale prices for single-family homes reached an all-time high in May, exceeding April's figures by 3.1%.
Condo prices also saw an increase of 3.3% compared to April.
There was a slight increase (1.1%) in active listings compared to April, suggesting a potential shift towards a more balanced market. However, inventory remains constrained compared to historical levels.
The average number of days a home stayed on the market in May was around 15 days, indicating a fast-paced market where sellers have the upper hand.
Rising interest rates, which reached a high of 7.22% in May, continued to be a major factor influencing affordability for many buyers.

Market Outlook:

The Orange County real estate market in May exhibited a continuation of recent trends. While inventory showed a small increase, it's not enough to significantly alter the seller's market dynamics. Rising interest rates are likely to dampen buyer enthusiasm somewhat, but overall, the market is expected to remain competitive in the near future.