The ending of the federal tax credit prompted many first time home buyers to purchase sooner than they originally planned. March and April’s surge in demand due to the ending of the housing credit appears to have robbed May and June of normal activity. Demand has decreased an additional 4% over the last two weeks. However, the rate of decrease appears to be leveling off.
Home sellers continue to test the market by putting their home on the market at a price higher than what was received for the last comparable sale. This practice contributed to an active inventory increase of 3%.
Over the last two weeks our active inventory has increased by 278 homes to a total of 10,117 homes for sale. Demand has decreased by 136 pending sales to a total of 3,167. Our expected market time has increased from 2.98 months of inventory two weeks ago, to 3.19 months of inventory today. The inventory of distressed properties, as a segment of the overall inventory, has increased by 89 homes to a total of 3,080. The number of foreclosed homes for sale within the active distressed inventory decreased by 3 homes, and now stands at 530 for all price ranges in all of Orange County.
For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report…
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