New Home Inventory down in Orange County, Q2, 2007
ORANGE COUNTY, CALIFORNIA- Total new home inventory decreased this quarter by 218 units to 5,784 units, coming down after reaching a 10 year high last quarter. These 5,784 units of inventory are split between 1,262 homes offered and unsold, and 4,522 units in future phases of current developments.
In the attached sector, there are 3,575 units of inventory, with the vast majority (77 percent) remaining for development, and 830 units offered and unsold, up 10 percent from last quarter. Total inventory is up 3 percent from last quarter and is the highest level since the third quarter of 1995.
The detached sector has 2,209 units of inventory, with 80 percent remaining for development and 432 units offered and unsold, up 18 percent from last quarter. However, total inventory is down 13 percent from last quarter.
At current sales rates, the level of offered and unsold units would sell out in five months for attached homes and over three months for detached homes.
In addition to MarketPointe’s quarterly surveys of Orange County, new home sales reports are published for Kern, Imperial, Greater Los Angeles, Ventura, Santa Clarita-Antelope Valleys, East Riverside, West Riverside, San Bernardino and San Diego Counties.
MarketPointe Realty Advisors ResidentialTrends is a quarterly publication, and is considered the most comprehensive and detailed audit of new residential activity throughout Southern California, from an unbiased, yet knowledgeable source. MarketPointe Realty Advisors provides new home and available land information, and real estate consulting services. The offices are located in San Diego and Orange County, with representation throughout California. For a complete housing report on a specific development region contact the nearest office, San Diego at 619-233-3781, Orange County at 714-528-2554, website is www.marketpointe.com/res_trends.shtml.
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