The Orange County housing market is continuing to heat up in the fall of 2023. Home prices are rising, inventory is still at historic lows, and the housing market has fully recovered from the pandemic. Prices are at the highest levels ever, making it a challenging time for first-time buyers.
In June 2023, according to Corelogic, the median home price in Orange County was $1.059 million, up 3% from a year ago, completely erasing the "bubble burst" that so many people thought was going to happen. Inventory is still very low, with just 1 months of supply on the market. This means that homes are selling quickly and buyers are often competing in bidding wars.
The housing market is expected to continue to rise in the fall of 2023. However, the pace of growth may slow as interest rates have gone up over the last month and the traditional slowing of the housing market starts as kids go back to school. This could give buyers some breathing room when placing offers but affordability is still going to be a struggle this fall for many.
If you are thinking about buying a home in Orange County, it is important to be prepared for the challenges of the current market. You should have a strong financial plan and be prepared to act quickly when you find a home that you love.
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