ORANGE COUNTY HOUSING REPORT: Sometimes it is a great idea to step away from the noise swirling around housing and focus on the trends.
Top 5 Housing Trends: With five months of the year in the rearview mirror, there are crystal clear trends in 2019. Everybody seems to have an opinion about the direction of the housing market. “Up!” “Down!” “The housing run has peaked!” “I’m going to wait for values to come crashing down.” In the end, there is way too much noise that is not rooted in facts, ignoring the data. It is time to step aside from the commotion and look at the trends that have surfaced in 2019.
Here’s a breakdown of the “Top 5” current Orange County housing trends:
- There are a lot more homes on the market.
- Demand is muted compared to 2012-2017.
- Muted demand has put a damper on closed sales.
- Home appreciation is now flat, so careful pricing is now crucial.
- Interest rates have dropped dramatically over the past 6 months, improving affordability substantially, but not fueling much of a bump in demand.
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