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Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 377,790 in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2022 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. May’s sales pace was down 9.8 percent on a monthly basis from 419,040 in April and down 15.2 percent from a year ago, when…

The active listing inventory added 180 homes in the past couple of weeks, up 12%, and now sits at 1,732 homes, still its lowest level for this time of year since tracking began in 2004. Yet, this is the first year since 2019 that the inventory is methodically rising. With a major spike in mortgage rates, demand has cooled. Homes that are priced well and in good condition will fly off the market. Homes that are overpriced, in poor condition, or have an inferior location will accumulate on the market allowing the active inventory to continue to…

Trends are developing which demonstrate that the pandemic induced, insane housing run is cooling. Incredible, relaxing, memory-filled vacations come to an end. Ski seasons come to an end.  The last pages of a good book come to an end. Binge watching a favorite television show comes to an end. Weekends come to an end. Seemingly nothing lasts forever. For the Orange County housing market, the incredible, insanely Hot Seller’s Market will eventually evolve into something completely different, and that is beginning to take place right now. Now that the first quarter of 2022 is in the rearview…

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 426,970 in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2022 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. March’s sales pace ticked up 0.5 percent on a monthly basis from 424,640 in February and was down 4.4 percent from a year ago, when 446,410 homes…

When the Expected Market Time drops below 40-days, the Seller’s Market shifts from “hot” to “insane,” and today it is at 20 days. A three-bedroom, two-bathroom, 1,500 square foot home on a 10,000 square foot lot, built in 1972, was placed on the market on the first Wednesday of February at $999,000. There was a line going down the street to view the home during a three-hour window on Saturday and a three-hour window on Sunday. By Sunday evening there were more than 20 offers submitted to the listing agent. The seller countered to all offers and…