Here is a recap of the latest Orange County August Report 2024 by Reports on Housing:
**August 2024 Orange County, CA Real Estate Summary:**
In August, the Orange County housing market displayed typical seasonal patterns. Supply increased while demand remained consistent with the previous year. The Expected Market Time rose, making the market more favorable for buyers. Sellers faced increased competition, leading many to reduce their list prices, and a significant number of sales closed below the asking price.
Key Statistics:
- 41% of sales closed above the list price, an 18% decrease from July.
- 12% of sales closed at the list price, a 12% decrease from July.
- 47% of sales closed below the list price, a 5% increase from July.
- 5% of sales increased the list price, a 10% decrease from July.
- 71% of sales left the list price unchanged, a 14% decrease from July.
- 24% of sales decreased the list price, a 19% increase from July.
Despite high mortgage rates delaying the peak of active inventory, rates have dropped to their lowest since early 2023. This improvement in affordability is expected to boost demand and increase closed sales.
**Cash Buyers:**
August saw a 10% decrease in cash buyers compared to July. Of all closed homes on record for August, 589 homes were purchased without a mortgage, representing 28.6% of all closed sales in Orange County.
