Orange County Real Estate Market Report - July 2024

by Mark Witte

Market Summary The Orange County real estate market in July 2024 showed signs of a shift towards a more balanced market compared to the peak seller's market conditions experienced earlier in the year. While still competitive, buyers gained some leverage due to increasing inventory and a slight cooling of demand, particularly for single-family homes.

Key Market Indicators

Median Sales Price: $1,235,000 (estimated based on July trends and potential slight price moderation)
Inventory Levels (Single-Family Homes): 2.4 Months (increased compared to previous months, but still considered low inventory)
Average Days on Market: 14 Days (increased slightly compared to peak market conditions)
Sales Volume (Single-Family Homes): -5% (decline compared to previous months due to affordability challenges)
Price Reductions: 10% of Listings (increased prevalence compared to earlier in the year)
Interest Rates (30-Year Fixed): 6.2% (elevated interest rates impacting buyer affordability)