While this time of the year tends to be somewhat slower when it comes to real estate, Orange County has continued its uptick into the first quarter. Since it’s still a seller’s market, this continues to have a considerable impact on the number of homes available to potential buyers.
Will the housing market in Orange County continue to grow in 2022? If so, how much more growth can be sustained before another housing market bubble bursts? How far will interest rates rise over the year and how will we deal with a historic shortage of housing stock?
The numbers for the housing market in Orange County showed growth in the fourth quarter as they have throughout the year. Homes are also spending fewer days on the markets compared to the same quarter of 2020 even though there was a slight uptick over the third quarter of 2021. The number of single-family home sales dipped a bit as well but is still impressive overall.
The numbers for the housing market in Orange County are good once again for the third quarter. Here’s a deeper dive into the numbers and what they mean for both home buyers and sellers in Orange County.
In the short term at least, real estate market growth in Orange County seems to show no signs of slowing down any time soon, as seen through the three market indicators discussed below.
With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons.
We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.
Is the real estate market in Orange County going in an upward or downward direction? Are home prices still increasing? How long is it taking to sell homes? We answer all these questions in this blog post.
One positive thing we can always look back to in 2020 is the real estate market performance. Curious to know how the Orange County market did during Q4 2020? Click this post!