ORANGE COUNTY HOUSING HAS OFFICIALLY TRANSITIONED TO THE SUMMER MARKET, WHEN THE INVENTORY RISES AND PEAKS, DEMAND SLOWLY FALLS, AND THE MARKET SLOWS.
THE SUMMER MARKET
THE HOUSING MARKET WILL SLOW UNTIL THE INVENTORY PEAKS SOMETIME OVER THE SUMMER.
Graduates have thrown their caps into the air, celebrating the turning of a new chapter. Families are carefully packing their suitcases and boarding planes for a much-needed vacation. At the public pool, the smell of sunscreen permeates the air, as the hot sun beckons everyone to jump into the water. From cover band concerts to blockbuster movie releases to a hike on an intermediate trail, all of summer’s many distractions have arrived. As everyone turns their attention to summer activities, the housing market evolves and shifts slightly downward. In terms of demand and market speed, the Spring Market is the busiest and strongest time of the year for housing. It is when many families look to isolate a home, write a purchase contract, and then move during the summer when the kids are on summer break. Many families and individuals still have housing goals, but it often takes a back seat to all the fun that summer has to offer.
The various seasons of the housing market do not necessarily align precisely with the official start and end dates of the four seasons. Summer officially begins on June 21 , the summer solstice, the longest day of the year. Yet, in housing, it aligns with when the kids are out of school, around the end of May. The Summer Market spans June, July, and August. By the end of August, the kids are back in school, and housing transitions to the Autumn Market.
In Orange County, demand (a snapshot of the number of new pending sales over the prior month) eases as many summer activities temporarily pause buyers’ efforts in securing a home. The supply of available homes slowly rises until it peaks sometime between July and August. Until the inventory isolates that peak, the market will continue to slow weekly.
Joy Lee
949.290.4903
joy@heyjoylee.com
DRE# 02102122