Orange County has a low supply of homes for sale
Homeowners who own real estate in Orange County seem hesitant to place their properties on the market. According to The Orange County Register, the supply of homes for sale in the county were at a seven-year low during the first half of 2012.
Although DataQuick reports that this was the fastest-selling first half for OC homes since 2006, the short supply of houses has many prospective buyers scrambling to find the home of their dreams before someone buys the property before them.
The Orange County Register explains the home supply data comes from Steve Thomas of ReportsOnHousing.com, which found that the total Orange County supply for sale as of August 2, 2012 was 5,238 - the lowest it has been since spring of 2005. Furthermore, this is a 53 percent decrease in the OC home supply from this time last year. This downward trend in the OC home supply can be seen for the past several months.
"It is safe to say that the Orange County housing market will continue to experience a lack of inventory for quite some time," Thomas told the news outlet. "Appreciation is underway, just not at the levels of the mid-2000's. It will take some time for modest appreciation to free underwater homeowners to sell their homes."