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.

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.

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.

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.

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

Are you on the fence about selling your house? While affordability is improving this year, it’s still tight. And that may be on your mind. But understanding your home equity could be the key to making your decision easier.

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.

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.

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.

For sellers who do not price their home carefully and must reduce their price down the road, they will likely net less upon closing.

As rates surge higher and affordability diminishes even more, smaller changes in the market times shift the market in favor of the buyer.

As rates have edged higher and higher this year, the housing market has been slowing down from it insane pace, and now homes are taking a little longer to sell.

Despite the high mortgage rate environment eroding home affordability, home values in Orange County have been on the rise after bottoming in December.