Imagine this: you’re at a lemonade stand. Some cups are $1, some are $2, and some kids are just walking by saying “eh, too expensive.” That’s kind of what’s happening in the housing market right now—especially here in Costa Mesa and the rest of Orange County!
Let’s break it down:
📉 Slower Than Summer Break
Usually, summer is hot in real estate, like the beach on a sunny day. But this year? Not so much. It’s one of the slowest summers in a while. More people are putting homes up for sale, but fewer people are buying them. Why? Two big reasons:
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Mortgage rates are still high (around 7%) – that means borrowing money to buy a house is expensive.
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Prices are still high, and buyers are saying, “No thanks.”
💸 More Price Drops Than Ice Cream Melting
About 1 out of 4 sellers dropped their price in June because buyers just weren’t biting. In Costa Mesa, that could mean luxury homes in places like Eastside or Halecrest are hanging out longer before getting offers.
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56% of homes in OC sold below asking price
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Only 32% sold above (that’s down from 37% last month!)
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857 homes were taken off the market altogether—like quitting the game when you're losing.
💰 Who’s Buying? Mostly People with Loans
Almost 3 out of 10 homes were bought with cash—which is cool, but most people (over 70%) still needed a mortgage to buy. That means the market is very sensitive to those interest rates.
🤔 What Does This Mean for Costa Mesa?
If you’re thinking about buying or selling in Costa Mesa, here’s the scoop:
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Sellers need to price smart and maybe offer a little sparkle (think: staging or small updates).
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Buyers? This is your time to negotiate! You may not have to offer way over asking like in past years.
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For neighborhoods like Mesa Verde, Halecrest, or Eastside, the increase in inventory might mean you have more choices than usual.
🏁 Final Score: It’s a Balancing Game
This isn’t a crash. It’s more like a reset. Buyers want better deals. Sellers want good offers. And everyone’s watching the mortgage rates like it’s a season finale cliffhanger.
📍Costa Mesa Tip of the Month: If you’re not in a rush, watch the market week-by-week. More price drops could come—especially if rates don’t budge. But if the perfect home pops up in your dream school zone or with that ADU potential? Don’t wait too long either.
Want to chat about the best moves in Costa Mesa real estate this summer? DM me—I’ve got the tea. 🍋
