With so many varying viewpoints and narratives swirling about the Orange County housing market, taking a step back to assess current real estate trends can provide much-needed clarity. As we enter the final stretch of the 2024 housing market, a few pivotal trends are emerging that offer valuable insights for Orange County sellers, buyers, and investors alike. Here’s a look at the Top 3 Real Estate Trends identified by my colleague and seasoned housing economist, Steven Thomas, shedding light on what to expect in the Orange County market as the year concludes.

As the inventory continues to rise, more sellers are reducing their asking prices or pulling their homes off the market altogether, indicative that far too many homes are overpriced.

Housing has been slowing through both the Spring and Summer Markets, yet the slowdown has picked up its pace since transitioning to the Autumn Market.

Mortgage rates have plunged from 7.5% in April to 6.34% today, opening up a window of opportunity for buyers who should not wait.

Whether you’re putting your home on the market in a few weeks or a few years, strategic upgrades can make all the difference.

Housing is much different this year compared to last year, with more FOR-SALE signs, more OPEN HOUSE directional arrows, and longer market times.

Longer market times and more price reductions are very strong indicators that sellers will net less upon closing.

Last December, when the Federal Reserve projected a series of benchmark rate cuts in the coming year, some analysts speculated that mortgage rates—which had recently peaked near 8%—would fall closer to 6% by mid-2024.

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The peak moving season is upon us. In fact, according to Move.com, almost 70% of U.S. moves occur between May and September.1 And while the percentage of Americans who move each year has declined, the desire to relocate remains strong.

While the inventory may still be limited and not even close to returning to pre-pandemic levels, there are finally more homes coming on the market. There are 18% more sellers than last year.

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It is best to step back from all the narratives, opinions, and noise whirling around the housing market and focus on the trends.

The Orange County inventory has been on the rise and is starting to pick up steam, unlike last year when it continuously dropped through mid-April.

🌱🏡 Spotting 'green shoots'🌱of economic recovery in Orange County's real estate market!

After bouncing along a record-low number of homeowners willing to sell in the high mortgage rate ienvironment for over a year, there were more new sellers in January compared to 2023, the first “Green Shoot” sins rate soared higher in 2022.

Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes…

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.

Are you curious about the 2024 real estate market? Dive into my January Orange County Housing Market Update!

When will housing heat up in 2024? It depends on when the economy cools. When that occurs, rates will drop, and the housing market will heat up. No matter what, there will be more homeowners opting to sell their homes, pending sales will increase and surpass 2023 levels, and there will be more closed sales. How hot the housing market gets in 2024 depends upon when the overall economy downshifts.