Orange County’s sellers put 181 more homes up for sale in the past two weeks, pushing local inventory to a 10-month high, as measured by Steve Thomas’ ReportsOnHousing.
As of last Thursday, there were 7,116 Orange County homes listed for sale, compared to 6,935 homes two weeks earlier, or a increase of 2.6 percent. A year ago there were 8,057 homes listed, so supply is down 11.7 percent in a year.
The surge in new listings comes as the seasonal slowdown in house hunting descends on the market. In the 30 days ended last Thursday, 2,698 homes went into escrow. That’s the lowest demand since February, and down from 2,810 in the 30 days ended two weeks earlier (a decrease of 4 percent). A year ago, though, 2,549 homes had just entered escrow – so demand is up 6 percent in a year.
Thomas also calculates a “market time” benchmark that tracks how much time it theoretically takes to sell all the inventory in local brokers’ for-sale listing network at the current pace of pending deals being made.
By Thomas’ math as of last Thursday, it would take 79 days to sell all the listed inventory at the current pace of new escrows, compared to 74 days two weeks ago and 94.8 days a year ago.
By price slice, the market time for homes priced under $750,000 was 54.8 days, compared to 104.4 days for homes prices between $750,000 and $1.5 million, and 274.4 days for all homes listed for more than $1.5 million.
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