Even though housing is insanely hot, trends have emerged that confirm that the Orange County housing market is starting to cool.
CRACK – The current active inventory has increased by 60% since mid-January.
CRACK – Other than COVID-19 lockdowns of 2020, demand is at its lowest level for this time of the year since 2007 and is already trending lower.
CRACK – A staggering 15% of all available homes to purchase today reduced their asking price.
CRACK – Like Orange County, all counties in Southern California are experiencing stalled demand along with enormous drops in year-over-year readings.
As these trends continue, if higher rates persist with duration, the market will only cool further. The housing market will not change overnight; it will evolve over time. This year still promises to be an excellent year for sellers, only a bit more challenging, necessitating a more cautious, deliberate strategy and approach to the housing market.