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Following a two-year housing boom, the Orange County housing market is cooling off. Although more buyers are backing out, there is still demand in Orange County. This has occurred as homebuyers continue to compete for an exceedingly limited number of available homes for sale. The median house price in Orange County remained flat from August to September 2022. Still, the median price was 9.1 percent higher than a year ago. Homes for sale in Orange County, CA have a median listing home price of $995,000.

Approximately 41,500 home sales were closed, compared to 36,200 in the previous year. A similar trend could be seen in the whole state of Florida. ClimateCheck™ analyzes a property's risk from climate change using the latest modeling and data from climate scientists, universities, and federal agencies. Storm risk estimates how much climate change increases the chances of extreme precipitation, when a lot of rain or snow falls in a short time, including thunderstorms, snowstorms, and tropical cyclones. Heat risk estimates how much climate change might increase the typical number of hot days in a year and the likelihood of extreme heat and heatwaves.
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Across the six-county region, 14,529 residences sold — down 14% in a month and 39% lower in a year. Southern California’s $705,500 median was down 1% in a month; 4% higher in a year; and 7% off the $760,000 peak. GeoData Plus has detailed property data for all 50 states.
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Orange County now has 54% of its ZIP codes with seven-figure pricing vs. 20% in June 2020. A feeding frenzy during the pandemic era’s first two years bumped the countywide median price to $1,025,000 for June, up 14% in a year an 8% gain in the previous 12 months. The pandemic’s homebuying binge has boosted the number of million-dollar Orange County neighborhoods by 19 in a year and 28 over 24 months.

As the market continues to normalize, a year-over-year price drop may occur later this year in the Orange County housing market. Orange County is the most expensive real estate market in Southern California with a median sales price of more than a million dollars. Data by Redfin shows that the average sale price of a home in Orange County was $945K last month, up 2.7% since last year. The average sale price per square foot in Orange County is $580, up 8.0% since last year. Orange County, CA was a seller's market in September 2022, which means that more people are looking to buy than there are homes available. Orange County had a total sales-to-total listings ratio above 0.2, which favors sellers.
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According to the most recent C.A.R. report, single-family home sales in the Orange County housing market fell by a whopping 30.9% from last year. The median price in Orange County at this time last year was $1,100,000. In November 2022, Orange County home prices were up 1.0% compared to last year, selling for a median price of $940K.
When buying a newly constructed home, the buyer has the option to choose the home design layout, upgrades and special options. As a home buyer in a market with strong demand, you’ll need to put forth your best possible effort when bidding in this market. Southern California builders sold 1,619 residences, down 3% in a month and 1% lower in a year. The $728,000 new-home median was up 7% in a month and 9% higher in a year. Builders’ slice of six-county sales was 11.1% last month vs. vs. 6.9% 12 months earlier. Sales totaled 6,749 in the two counties — down 4,153 from October 2021, according to data from CoreLogic tracking closed transactions for single-family homes and condos, existing and new construction.
In mid-2018, the median home value in Orange County is $761,700, based on data from multiple sources. In comparison to June 2007, Orange County’s median home selling price touched $645,000 — in that crazy period of high-risk lending and home buying frenzy. The cooling trend is also increasing the number of available homes on the market. Active listings have reached their highest level since the beginning of the pandemic. It is anticipated that home price growth will continue to decline in the coming months, culminating in year-over-year decreases by the fall of 2023.
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Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property. His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate. He’s also the host of the top-rated podcast – Passive Real Estate Investing. There were 1,951 homes sold in September this year, down from 2,880 last year. Save this search to get email alerts when listings hit the market. Ponder what the rate jump meant to local mortgage-making, according to third-quarter stats from Attom.

Another interesting statistic in June, was the $500,000 median price of all Southern California homes. The record high for median home price for all Southern California homes was $505,000, attained on three instances and all in the year 2007. The 30-year mortgage averaged 6.9% in October vs. 3.1% 12 months earlier.
But as recently as May 2020, $750,000 bought you a median-priced Orange County home. Jonathan Lansner has been the Orange County Register's business columnist since 1997 and has been part of the newspaper's coverage of the local business scene since 1986. He is a past national president of the Society for Advancing Business Editing and Writing and a 1979 graduate of the University of Pennsylvania's Wharton School. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS.