Last month, we wondered whether the market might be heading toward a slowdown later this year. Instead, buyers came out with a much stronger game plan.

Buyer Demand Up

Closed sales jumped 10.1% compared to May and were up 8.5% compared to June of last year. That's a sign that buyer demand is increasing, even with mortgage interest rates remaining relatively steady at just under 6.5%.

While affordability remains a challenge for some, buyers who have been waiting on the sidelines continue to move forward when the right home becomes available.

Inventory Increased... But It's Still Historically Low

Active inventory increased about 3% from May, giving buyers a few more homes to choose from. However, it's important to keep that increase in perspective.

Compared to June of last year, active listings are still nearly 16% lower. Although buyers have slightly more options than they did a month ago, Orange County continues to experience historically low housing inventory.

Buyers and Sellers Continue to Meet at Asking Price

The sales price-to-list price ratio once again rounded to 100%, meaning buyers and sellers are meeting almost exactly at the asking price on average.

Neither side has gained a significant advantage, creating one of the more balanced markets we've seen in recent years.

Well-Priced Homes Are Still Selling Quickly

The median days on market for sold homes was just 16 days, virtually unchanged from both last month and one year ago.

This continues to reinforce an important lesson for sellers: homes that are priced appropriately and presented well are still selling quickly, often within the first couple of weeks.

Home Prices Remain Stable

The median price per square foot came in at $692, down about 1% from May and essentially unchanged compared to last year.

Stable pricing combined with stronger sales activity suggests that sellers are becoming more realistic with their pricing expectations, and buyers are responding.

The Bottom Line

Buyers have gained a few more choices, while sellers continue to benefit from low inventory and strong demand. Neither side has taken control of the market, making today's Orange County housing market one of the most balanced we've seen in quite some time.

If you'd like to know what these numbers mean for your home or your buying or selling plans, we'd be happy to help. Contact The Veronica Encinas Team for a personalized market analysis, and be sure to check back for future Orange County housing market updates.