Podcast - 093: Orange County real estate market update | Recap through August 2022

In this episode, realtor Anthony Luevanos and lender Angel Luevanos touch cover the Orange County real estate market through August 2022.

The Orange County housing market is continuing to cool off.

The median sales price increased from $972,500 in July to $984,000 in August. The median sales price in the last 12 months is up $84,000 and 9.3%.

However, the median price per square foot also decreased to $588. Since last June, the median price per square foot jumped by $59 and 5.9%.

The number of homes for sale has decreased slightly, but we now have 23.3% more than we saw at the same time last year. However, we still have about 30% less than we saw from 2017 to 2019.

Inventory months supply increased to 2.2 months. For your information, 5-6 months is a balanced market, and 6+ is a buyers market.

The median days on the market skyrocketed from eight days last month to 16 days.

The once-hot Orange County real estate market is cooling quickly. Increasing interest rates dampened buyer demand. Finally, buyers will have the leverage to negotiate better terms. After a solid start to the year, we can anticipate prices to cool off around this price point.

*percentages are comparisons year-over-year 

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