Orange County Housing Market Update - August 2022

The housing market in Orange County has been wild over the last 3 months but it looks like things are starting to stabilize. Trends are showing supply is increasing at a slower rate and demand, although still slightly dropping, seems to have come close to bottoming out. The main contributing factor to this stabilization has been interest rates dropping by over a percent in the last 6 weeks hitting lows not seen since April in the housing market. This is making homes more affordable again. Although we are still in a slight seller's market, buyers who are able to afford a mortgage are finding it easier to buy a home right now than anytime in the last 2 1/2 years.