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Orange County Housing Summary: January 24, 2023

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  David Deem 714-997-3486 Dave@DeemTeam.com ·        The active listing inventory in the past couple of weeks increased by 6 homes, nearly unchanged, and now sits at 2,536, the second lowest level in mid-January since tracking began. In December, there were 32% fewer homes that came on the market compared to the 3-year average before COVID (2017 to 2019), 483 less. Last ye ar, there were 1,080 homes on the market, 1,456 fewer homes, or 57% less. The 3-year average before COVID (2017 to 2019) was 4,640, or 83% more. ·        Demand, the number of pending sales over the prior month, increased by 39 pending sales in the past two weeks, up 4%, and now totals 939. Last year, there were 1,426 pending sales, 52% more than today. The 3-year average before COVID (2017 to 2019) was 1,349, or 50% more. ·        With demand rising and the supply not changing , the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, decreased from 84 to 81 days

Orange County Housing Summary: January 10, 2023

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David Deem 714-997-3486 Dave@DeemTeam.com ·        The active listing inventory in the past couple of weeks decreased by 112 homes, down 4%, and now sits at 2,530, the second lowest level to start the year behind last year. In December, there were 32% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 483 less. Last ye ar, there were 1,100 homes on the market, 1,430 fewer homes, or 57% less. The 3-year average prior to COVID (2017 to 2019) was 4,506, or 78% more. ·        Demand, the number of pending sales over the prior month, plunged by 138 pending sales in the past two weeks, down 13%, and now totals 900, its lowest start to a year since tracking began in 2004. Last year, there were 1,1298 pending sales, 44% more than today. The 3-year average prior to COVID (2017 to 2019) was 1,349, or 50% more. ·        With demand dropping faster than supply , the Expected Market Time, the number of days to sell all Orange County listings at the cu

The 2023 Forecast

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David Deem 714-997-3486 Dave@DeemTeam.com After 2 years of runaway home prices, the Federal Reserve stepped in to reverse engineer rampant inflation and has been utilizing the housing market as one of the main economic engines to achieve its objective. They increased the Federal Funds Rate from nearly 0% at the start of the year to 4.5% in December, its highest level since 2007 and its fastest rise in more than 40 years. Long-term mortgage rates responded rising from 3.25% at the start of the year to over 7.25% in October, more than doubling. They eased below 6.5% in December as inflation numbers began to improve for the second consecutive month. Yet, inflation remains elevated, up 7.1% year over year through November. It hit 9% in June. Core inflation, less the volatility of food and energy, is currently at 5.96%, after reaching 6.7% in September. The Federal Reserve’s core inflation goal is 2%, so they have a long way to go. The overall United States economy has remained resilient ba

Orange County Housing Summary: December 13, 2022

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David Deem 714-997-3486 Dave@DeemTeam.com ·        The active listing inventory in the past couple of weeks decreased by 104 homes, down 3%, and now sits at 3,182, its lowest level since the start of June. In November, there were 32% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 718 less. Last ye ar, there were 1,363 homes on the market, 1,819 fewer homes, or 57% less. The 3-year average prior to COVID (2017 to 2019) was 4,988, or 57% more. ·        Demand, the number of pending sales over the prior month, plunged by 79 pending sales in the past two weeks, down 7%, and now totals 1,133, its lowest level since April 2020, the start of the pandemic. Last year, there were 1,944 pending sales, 72% more than today. The 3-year average prior to COVID (2017 to 2019) was 1,774, or 57% more. ·        With demand dropping faster than supply , the Expected Market Time, the number of days to sell all Orange County listings at the current buying p

Orange County Housing Summary: December 6, 2022

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  David Deem 714-997-3486 Dave@DeemTeam.com   ·         The active listing inventory in the past couple of weeks plunged by 295 homes, down 8%, and now sits at 3,286, its lowest level since the start of June. In October, there were 35% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 1,042 less. Last ye ar, there were 1,457 homes on the market, 1,829 fewer homes, or 56% less. The 3-year average prior to COVID (2017 to 2019) was 5,359, or 63% more. ·         Demand, the number of pending sales over the prior month, increased by 10 pending sales in the past two weeks, up 1%, and now totals 1,212, its first rise since the last two weeks of August. Last year, there were 2,221 pending sales, 83% more than today. The 3-year average prior to COVID (2017 to 2019) was 1,969, or 62% more. ·         With supply plunging and demand rising , the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace,

Orange County Housing Summary

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David Deem 714-997-3486 Dave@DeemTeam.com         ·        The active listing inventory in the past couple of weeks decreased by 96 homes, down 3%, and now sits at 3,581, its lowest level since June. In October, there were 35% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 1,042 less. Last ye ar, there were 1,793 homes on the market, 1,788 fewer homes, or 50% less. The 3-year average prior to COVID (2017 to 2019) was 5,822, or 63% more. ·        Demand, the number of pending sales over the prior month, decreased by 68 pending sales in the past two weeks, down 5%, and now totals 1,202, its lowest reading since April 2020, the initial lockdown of the pandemic. It is the lowest level for November since tracking began in 2004. Last year, there were 2,322 pending sales, 93% more than today. The 3-year average prior to COVID (2017 to 2019) was 2,139, or 78% more. ·        With demand dropping a bit faster than the inventory , the Expected Ma

Orange County Housing Summary: November 8, 2022

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David Deem 714-997-3486 Dave@DeemTeam.com     ·        The active listing inventory in the past couple of weeks increased by 21 homes, up 1%, and now sits at 3,677. In September, there were 24% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 728 less. Last ye ar, there were 1,864 homes on the market, 1,813 fewer homes, or 49% less. The 3-year average prior to COVID (2017 to 2019) was 6,010, or 63% more. ·        Demand, the number of pending sales over the prior month, plunged by 157 pending sales in the past two weeks, down 11%, and now totals 1,270, its lowest reading since April 2020, the initial lockdowns of the pandemic. It is the lowest level for mid-October since 2007. Last year, there were 2,429 pending sales, 91% more than today. The 3-year average prior to COVID (2017 to 2019) was 2,180, or 72% more. ·        With demand plunging , the Expected Market Time, the number of days to sell all Orange County listings at the current