06/25/2024
June 2024
Nationally – U.S. existing-home sales fell for the 2nd month in a row, sliding 1.9% month-over-month and 1.9% year-over-year (YoY), according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer. Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase YoY, for a 3.5 month’s supply at the current sales pace.
Orange County - All homes: New Listings remained the same 0.0% YoY at 2,314. Pending Sales decreased 31.4% YoY to 1,318. Inventory increased 9.3% YoY to 3,694. Median Sales Price increased 18.2% YoY to $1,200,000. The Average Sales Price was up 20.1% YoY to $1,553,841. Days on Market decreased 32.1% YoY to 19 days and Months’ Supply of Inventory increased 15.0% YoY to 2.3 months.
Orange County EMT = Strong Seller’s Market 🟥 : As usual, demand continues to outpace supply and properties are selling quickly, with the typical home spending 19 days on market in Orange County, down from 23 days the month prior.
San Diego County - All homes: New Listings increased 16.3% YoY to 3,148. Pending Sales increased 8.6% YoY to 2,270. Inventory increased 41.0% YoY to 3,886. The Median Sales Price was up 9.1% YoY to $922,068. The Average Sales Price was up 8.3% YoY to $1,215,541. Days on Market remained the same 0.0% YoY at 27 days and Months’ Supply of Inventory increased 50.0% YoY to 2.1 months.
San Diego County EMT = Strong Seller’s Market 🟥 : Like the O.C., demand continues to outpace supply and properties are selling quickly, with the typical home spending 27 days on market in San Diego County, which held steady as the month prior.
To clarify EMT Status*
🟥 Strong Seller’s Market: