☀️ Let's Be Brief — SoCal Weekly Market Update
Orange County: Prices are holding, but the pace keeps cooling. September's single-family median came in at $1.48M — up from $1.4525M in August and 5.6% above a year ago — yet active inventory stood at 4,948 homes as of October 26, about 15% more than last year. Expected market time stretched to 122 days, the highest since January 2019. Here's the split that matters: 68% of September's closings never cut their price, and those sold at 100% of asking in a median of just 11 days. Price it right on day one, and buyers still show up fast.
Riverside County: Still the breathing-room market. September's median came in at $620,000, just 0.6% below a year ago, though sales were down 12.7% year-over-year. October listings tell the same story: a median list price around $629,000, about 15,900 active listings, and homes sitting about 62 days — a balanced market where sales are closing right around asking price. More choice, more time, more room to negotiate than in OC.
Rates: A second straight week of relief. Freddie Mac's survey (October 29) put the 30-year fixed at 7.24%, down from 7.32%, with the 15-year at 6.60%, down from 6.68% — the lowest 30-year reading this month. Bankrate this morning (November 2, 6:30 AM) shows the 30-year at 7.28% and FHA at 7.14%. The Fed held its benchmark steady last week, and this week's jobs reports could nudge rates either way — so watch, don't wait on a promise.
The takeaway: This is a pricing market, not a panic market. Sellers: sharp day-one pricing is the difference between 11 days and months on market. Buyers: with rates easing, inventory up, and sellers negotiating, your offer — and a rate buydown request — carries real weight right now. Want to talk about your next move? You know where to find me. 🏡
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