The Orange County real estate market continues to show dynamic trends across sales, rentals, and mortgage rates. Here’s a breakdown of the latest updates:

Inventory Levels and Sales Activity

The number of properties available for sale in Orange County has seen a slight dip this week:

Inventory: 3,566 homes are on the market, down from 3,677 last week.
Sales Activity: A rise in activity with 505 properties sold this week compared to 427 last week.

This increase in sales reflects strong demand despite limited inventory, keeping the market competitive.

Home Prices on the Rise

Orange County’s home prices have surged over the past year:

Median Sale Price: $1.2 million (a 9.4% increase since last year).
Median Price per Square Foot: $668 (a 6.7% year-over-year increase).

These statistics highlight the resilience of Orange County’s housing market, even amid national housing affordability challenges.

Rental Market Trends

The rental market in Orange County has also seen fluctuations:

2021 Surge: Rental prices jumped by 22%.
Stabilization and Growth: Following stabilization, prices increased modestly in 2023.

Demand for rental housing remains strong, driven by affordability concerns and a growing population.

Mortgage Rates Outlook for 2024

Relief may be on the horizon for homebuyers:

Projected Decrease: Mortgage rates in the U.S., including Orange County, are expected to decline in 2025.
Impact: Lower rates could ease affordability challenges and encourage more first-time homebuyers to enter the market.

Housing Assistance Programs

The Orange County Housing Authority (OCHA) offers vital support for lower-income households:

Housing Choice Voucher Program: Helps bridge the gap between what tenants can afford and market rents.
Landlord Participation: Landlords who accept vouchers can provide affordable housing options while maintaining stable rental income.

For more details, visit the Orange County Housing Authority website.

Conclusion
The Orange County real estate market is marked by rising prices, strong demand, and optimistic mortgage rate projections for 2024. For homeowners, landlords, and potential buyers, understanding these trends is essential to make informed decisions.

Stay tuned for more updates, and for professional property management services in Orange County, contact us at True Property Management.