What's Happening?
In Orange County, the median home listing price decreased by 1.1% in July, reaching $525,000 compared to $530,725 in June. This marks a 4% decline from July 2024's median price of $549,900. The median home size was 2,014 square feet, with a price of $264 per square foot, reflecting a 3.6% increase from the previous year. Homes in the area were listed for a median of 52 days, slightly longer than the national median of 58 days. The number of new listings increased by 9.4% compared to July 2024.
Why It's Important?
The decline in home listing prices in Orange County indicates a potential cooling in the local real estate market, which could affect both buyers and sellers. For buyers, lower prices may present opportunities to purchase homes at more affordable rates. Sellers, however, may face challenges in achieving desired sale prices, potentially leading to longer listing periods. This trend could influence broader market dynamics, including mortgage rates and housing demand, as economic conditions continue to evolve.
