December Market Snapshot
This is a snapshot of December 2022 vs. November 2022 and some insight for 2023.
OC HOUSING MARKET TODAY
In looking at the details, the about-face in housing is due to sky-high mortgage rates coupled with a tremendous run-up in home values. In both 2021 and 2022, mortgage rates experienced back-to-back record low starts to the year at 2.65% and 3.22%. Today’s 6.14% is the highest start to a year since January 2008. As a result, demand, a snapshot of the last 30 days of pending sales activity, is at its lowest level to begin a year since tracking began (Steven Thomas, Real Estate Economist) in 2004 at 900 pending sales. It is slightly lower than the demand level in 2008.
So what does this mean for you? With the natural cycle, demand will pick up at a slightly higher rate than inventory until March. Buyers will absorb the new homes on the market that are priced right.
Let’s dive deeper into what’s happening in these OC communities and cities.
Coto de Caza
Dana Point
Huntington Beach
Ladera Ranch
Laguna Beach
Laguna Niguel
Las Flores
Mission Viejo
Newport Beach
Newport Coast
Rancho Mission Viejo
Rancho Santa Margarita
San Clemente
San Juan Capistrano
Market Snapshot December 2022
This video shows month-over-month changes for several OC cities and communities.
Don't see your area or have questions about the market activity data 📈 📉 ? Reach out and we'll share the info with you.
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(If you don’t see your city or area and want a market update, let us know and I’ll send you a custom analysis.)
CURIOUS ABOUT YOUR HOME’S VALUE?
Sources:
1. Altos Reports -
https://altosresearch.com/market_reports
2. CRMLS -
https://go.crmls.org
3. OC Reports on Housing -
https://reportsonhousing.com
Berkshire Hathaway HomeServices
California Properties
DRE 02044103
