What the July Housing Numbers Mean if You Are Buying in Orange County

The July 6 Orange County Housing Report from Steven Thomas at Reports on Housing describes a balanced market, and balance is a gift for buyers. After years of frenzied bidding or frozen inventory, you finally have room to make a careful decision.

Start with selection. There are 4,697 homes on the market, near the highest level since last September, and the Expected Market Time is 90 days. That means time to tour more than once, inspect thoroughly, and compare options without the panic offers of past years. Values are up just 1.2 percent year over year and have moved only fractions of a percent each month, so you are not chasing a runaway market, and you are not catching a falling one either.

If you are shopping for a condo or townhome, you have real leverage. Attached homes are sitting at 103 days, up from 85 a year ago. Sellers in this lane are more open to negotiating on price, closing credits, and terms than they have been in years. Take the time to review HOA financials and ask hard questions. The market gives you that time right now.

Detached home buyers should stay sharper. Single family homes are moving at 82 days, faster than the 97 days of last summer, and well priced homes below $1.5 million still draw competition. Get preapproved before you shop and be ready to move with confidence when the right one appears.

Keep one eye on rates. They have sat above 6.5 percent since mid May, and that is exactly why the market is calm. If rates drift back toward 6 percent, demand historically snaps back quickly, and with it competition and upward pressure on prices. Buyers who act while others wait keep the negotiating power.

And the foundation under all of this is solid. Sellers are getting 100.0 percent of list price on average, 99.8 percent of them have equity, and there are only ten distressed listings in the entire county. This is a stable market, not a shaky one.

If you want to know what these numbers mean for your budget and your target neighborhoods, reach out any time. Call or text me at 657.340.0418 and I will walk you through it, no pressure.