ORANGE COUNTY HOUSING REPORT-UNEXPECTED SLUMP IN DEMAND

Demand has stalled this spring. During the Spring Market, demand normally is on the rise along with the active listing inventory. More homes come on the market during the spring than any other time of the year. There is cyclically more escrow activity because that is when families desire to open escrow in hopes of closing and moving at the end of spring or during the summer when the kids are out of school. The housing market cyclically revolves around families and the school year. Spring is when there is the most activity, followed by summer.  Then housing decelerates during the autumn after the kids go back to school. It then downshifts further during the holidays, the slowest time of the year. This spring is a bit different. Housing is moving away from everything selling in an instant. The asking price will swiftly become the fundamental initial step in successfully selling.