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Housing Report 2020-09-08 Astonishing Spike

Posted by Calvin Nguyen on September 9, 2020
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Astonishing Spike

For all price ranges in Orange County, closed sales in August were up by 12% over last year, 3,153 closed sales in 2020 compared to 2,824 in 2019. It is the highest level since June 2017. A deeper look reveals that the higher ranges are performing stronger than the entry level. For homes priced below $750,000, year over year there were 189 fewer closed sales, 12% less. For homes priced between $750,000 and $1.25 million, there were 321 additional closed sales compared to last year, 37% higher. And for the luxury range, over $1.25 million, year over year there were 197 additional closed sales, an unbelievable 54% more.

Demand: Demand increased by 17 pending sales in the past two weeks.

Demand, the number of new pending sales over the prior month, increased from 3,323 to 3,340, an additional 17 pending sales, up 0.5% in two weeks. This is the highest demand reading since August 2012, eight years ago. When the kids go back to school, housing transitions to the Autumn Market. Typically, both the inventory and demand slowly drop. While the inventory has started to decline, demand has not yet softened. The low mortgage rate environment is continuing to instigate plenty of demand. It will eventually slow as housing moves deeper into the Autumn Market.

Click on the image below the Read the Orange County Housing Report.


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