A new report reveals that the market time for homes listed for sale in Orange County has slowed in recent weeks.
ReportsOnHousing calculates home-sales speed with it’s “estimated market time,” which compares new escrows opened to the number of homes listed for sale. As of June 16, Orange County’s market time was 69 days vs. 66 days four weeks ago and 60 days a year ago, writes Jonathan Lansner, staffer at The Orange County (Calif.) Register.
He explains that the extended time is "more a warning sign than a serious market challenge to date." ReportsOnHousing considers any reading below 90 days to be a “seller’s market."
In Orange County, market time has jumped because listing inventory rose by 601 homes (10%) in four weeks to to 6,868. New pending sales fell by 155 home to 2,989, a 5% drop.
See how other Southern California counties fared.