Home prices and sales are moderating in Orange County. Following a two-year frenetic housing market, the market is finally cooling. The median house price fell 2.5% from July to August 2022, yet the median price was still 9% higher than a year ago.
Because fewer people are looking for a home, houses are staying on the market longer, giving the serious buyer more options. The median sales price in Orange County for August was $1,200,000 and the median price at the same last year was $1,100,000. This price represented a 16.8% increase year-over-year.
Orange County is the most expensive real estate market in Southern California. On average, homes in Orange County sell after 39 days on the market compared to 30 days last year. The market here, as in most communities, is shifting from hot to more balanced conditions.
As the market continues to normalize, a year-over-year price drop may occur later this year in the Orange County housing market. Given the huge amount of appreciation over the past couple of years, homeowners and investors have little to be concerned about.
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