Orange County Real Estate: Riding the Housing Boom Wave in 2024

Lisa Mailhot  |  January 12, 2024


Orange County Real Estate: Riding the Housing Boom Wave in 2024


Have you heard the news? The US housing market is off to an electrifying start in 2024, with mortgage applications surging at a pace not seen since June. As we dive into this exciting wave of opportunity, Orange County emerges as a hotspot for buyers and sellers looking to make their mark in the real estate landscape.

According to the Mortgage Bankers Association's recent report, applications for home-purchase mortgages experienced a remarkable 5.6% increase during the week ending January 5th, which included the New Year's Day holiday. Even more intriguingly, the broader index of overall mortgage applications, encompassing refinancing as well, skyrocketed by 9.9%. These numbers represent the sharpest advance in nearly a year.

Of course, real estate trends can exhibit some volatility around holiday periods, accounting for the significant fluctuations witnessed in recent weeks. However, what truly stands out is the contract rate on a 30-year fixed mortgage, which nudged up by 5 basis points to 6.81%. While this marks the second consecutive increase, it's important to note that rates are currently hovering around levels reminiscent of last summer, and significantly below the highs recorded during the fall when they approached the 8% mark.

What's driving this remarkable uptick in the housing market?

Existing-home sales have been showing steady growth, and new home purchases are on the rise as well, despite a few minor bumps along the way. The Federal Reserve's decision to halt the increase in borrowing costs has undoubtedly boosted buyer confidence. Lawrence Yun, the chief economist at the National Association of Realtors, has suggested that it may take a few months for buyers to fully respond to these lower interest rates, meaning the potential for further growth in the real estate sector is promising.


But it's not just home purchases that are seeing a surge. The MBA's report also revealed an impressive 18.8% increase in applications to refinance, showcasing a strong interest in homeowners capitalizing on favorable market conditions.


So, what does all of this mean for Orange County real estate? With the housing market booming and interest rates remaining attractive, Orange County, California, is a prime location for anyone considering a move. Whether you're a buyer looking for the perfect property or a seller aiming to make the most of this hot market, Orange County offers many opportunities.

If you want to ride the wave of the 2024 housing boom in Orange County, let's connect. Together, we can navigate the exciting world of real estate in one of the most sought-after areas in the US.


Reference: "Housing boom? Purchase applications start 2024 with a jump" by Bloomberg, Published on January 10, 2024

Recent Blog Posts

Stay up to date on the latest real estate trends.


Unpacking the Housing Market Puzzle: Will It Crash?

Lisa Mailhot  |  February 26, 2024

Explore the intricacies of the current housing market to understand whether a crash is looming. Dive into factors like affordability, mortgage rates, and supply-demand… Read more


Unveiling the Potential: A Comprehensive Guide to Accessory Dwelling Units (ADUs)

Lisa Mailhot  |  February 23, 2024

Dive deep into the world of ADUs with this comprehensive guide, exploring their rental income potential, benefits for seniors, sustainability features, and impact on r… Read more


Thriving in Orange County Real Estate Amidst Mortgage Rate Increases

Lisa Mailhot  |  February 22, 2024

Explore the impact of rising mortgage rates on the Orange County housing market. Despite recent jumps, discover strategies for buyers and sellers in the region. Stay i… Read more


Navigating the Spring Real Estate Market: Insights and Strategies

Lisa Mailhot  |  February 21, 2024

Explore expert insights and strategies for navigating the upcoming spring real estate market. From potential recession indicators to shifts in investor behavior, learn… Read more


Unveiling Topanga's Hidden Gem: A Retreat of Creativity and Comfort

Lisa Mailhot  |  February 20, 2024

Explore a unique Topanga retreat priced under $2.5 million, featuring a main house, restored hunting cabin, and Foley stage recording studio. Owned by Emmy Award-winni… Read more


Navigating the Post-Sitzer World: Redefining Buyer Commissions in Real Estate

Lisa Mailhot  |  February 19, 2024

In the aftermath of Sitzer | Burnett, the real estate industry is witnessing a shift in how agents approach buyer commissions. Explore strategies, insights, and expert… Read more


Navigating Risk: California Mansions Post-Landslide

Lisa Mailhot  |  February 16, 2024

Explore the impact of a recent landslide on luxurious California mansions in Orange County. Discover how homeowners and experts are managing risks and uncertainties in… Read more


Navigating the Real Estate Seas: 5 Wisdom Nuggets for New Agents

Lisa Mailhot  |  February 14, 2024

Embark on your real estate journey with confidence! Explore expert advice from ERA's President, Alex Vidal, as he shares invaluable tips for success in the ever-evolvi… Read more


Newport Beach Resorts' Bold Move: Redefining Tourism Marketing

Lisa Mailhot  |  February 13, 2024

Explore how nine Newport Beach resort hotels seek to dissolve the Tourism Business Improvement District, reshaping tourism marketing. Learn about the transition to a p… Read more

Let’s Talk

You’ve got questions and we can’t wait to answer them.