06/11/2024
🏠 New Listings = Down by 100 listings compared to last month. Last month, there were 2,268 new listings that hit the market in comparison to the 2,555 previous month. This is the first time we’ve seen a decline in new listings in May since 2021. Even then, there were 50% more new listings than we saw this last month. This will continue to make our inventory problem worse through summer.
🏡 Available Listings = 17% increase from last month! This is great news. This means home buyers have more inventory to view and choose from when shopping. This is typical for this time of year, but hopefully we see it increase. As of now, we have 3,721 available listings on the market.
📅 Days on Market = No change here. The median days on market is still 9. We expected to see this number increase from last month, but the market has to stayed competitive.
💲 Price = $1,200,000 is the new highest median price point. Another $25k increase from last month. We have seen inventory increase, new listings decrease and prices have still gone up.
📈 Interest Rates = As always, this is just the posted rate for a 30-year fixed mortgage from Mortgage News Daily. As of today, rates are showing 7.07% which is an improvement over what we’ve seen lately.
Click the link below to read the deep dive on the OC housing market this month!
https://bit.ly/4egmM0U
Britt Harwood
Licensed Realtor in SoCal
DRE #02235343
Onyx Homes
First Team Real Estate
Learn what is happening in the Orange County housing market in June. Read more to stay informed and make the best decisions for your real estate needs.
