Podcast - 083: Orange County real estate market update | Recap through June 2022

Realtor Anthony Luevanos and lender Angel Luevanos cover the Los Angeles real estate market in this episode. Home prices in Orange County dropped big time!

Home prices in Orange County just had their largest one-month decrease in 10 years!

The median sales price decreased from $1,050,000 in May to $1,000,000 in June. The median sales price in the last 12 months is up $95,000 and 10.5%.

The median price per square foot also decreased to $615. Since last June, the median price per square foot jumped by $100 and 19.4%.

The number of homes for sale has increased but is now 20% more than we saw at the same time last year. However, we still have about 40% less than we saw from 2017 to 2019.

Inventory months supply increased to 2 months. For your information, 5-6 months is a balanced market, and 6+ is a buyers market.

The median days on the market is just eight days.

Finally, the Orange County real estate market has given buyers some good news. Increasing interest rates increase has started to dampen buyer demand. After a strong start to the year, it seems like we can anticipate prices to cool off a bit more or plateau around this price point.

*percentages are comparisons year-over-year 

For more details and charts, click: https://theluevanosgroup.com/market-trends