By Eric Engelbert
Welcome to our weekly market report. Today we'll be discussing the latest trends in the housing market and what they mean for buyers and sellers.
As we enter 2023, we're seeing strong demand for homes, with a continuous increase in pending home sales over the last 3 weeks. This is a positive sign that suggests a healthy housing market.
In the latter half of 2022 through January 2023, inventory was increasing, which led many to fear that real estate could experience a dramatic loss of value. However, despite the increase in mortgage rates, the recent buyer demand has eased concerns of a real estate crash. We still expect inventory to continue to increase this year, but the demand is providing a sense of stability to the market.
The median home price in the US currently stands at $415,000, and we're hearing that many properties are receiving multiple offers. While we're not seeing a lot of overbidding, homes are selling for an average of 3.2% less than the list price in Orange County. In addition, price reductions are at their lowest since last August, which means that home values have remained strong.
If you're thinking about selling your home, it's important to be aware of the latest market trends in your area. At OC Real Estate Inc, we're here to provide you with the most critical data points, such as days on market and the list price vs. sold price, to help you set realistic expectations for selling.
If you're thinking about buying a home, it's important to know the stats for your target area. We can provide you with information that will help you successfully purchase a property.
Thank you for tuning in to our weekly market report. If you or someone you know is considering selling, don't hesitate to reach out to us for more information. Until next time, I'm Eric with OC Real Estate.
Contact us today to access the most current data and learn how to make the most of the current market conditions.
For more information about buying or selling a house in Orange County call or text to 949-430-7500