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

Lisa Mailhot  |  January 12, 2024

Buyers

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.

Bottomline

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


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