Orange County Real Estate Market Update - June 2024 (Early Indications)

by Mark Witte

While full data for June isn't available yet, here's a glimpse into what might have transpired in the Orange County housing market based on early reports and trends:

Possible Price Peaks:

Experts predicted median home prices could reach new highs in June, continuing the upward trend observed in May. This applies to both single-family homes and condos.

Inventory on the Rise (Slightly):

There were signs of a potential shift in the market with a continued rise in new listings compared to May. This could indicate a move towards a more balanced market, although inventory is likely to remain lower than pre-pandemic levels.

Sales Activity:

Rising interest rates, which remained stubbornly above 7%, might have dampened buyer enthusiasm and slowed down sales compared to the usual summer peak.

Days on Market:

Despite a potential dip in sales, homes were likely to sell relatively quickly, continuing to favor sellers in a competitive market.

Looking Ahead:

The full picture of June's market will emerge in the coming weeks. The interplay between rising inventory and high-interest rates remains a key factor to watch. Whether the market transitions to a more balanced state or maintains its seller-friendly tilt will depend on how these forces play out.