True, there's a shortage of inventory in Orange County. Yet sales and prices were up in August. The Orange County Register's Jonathan Lansner reports:
It doesn’t look like Orange County housing wilted in the summertime heat.
Late August market data show trends that seem to generally stick to the 2016 theme – buyers are largely ignoring frustratingly low inventories of existing homes for sale and buying at a modestly faster pace – often at modestly higher prices. A strong local job market and willing lenders offering cheap mortgages are helping house hunters overcome affordability and supply challenges.
Here are 11 noteworthy trends I found inside CoreLogic’s local home buying report for the 22 business days ending Aug. 15 and ReportsOnHousing’s analysis of local listings as of Aug. 25.
... 7. Developers are hot. Builder sales – a pricey slice of the market – were 349, up 54 percent from a year ago. Median selling price was $756,250 – down 6.2 percent from a year ago.