WHAT WERE THE ACTUAL NUMBERS?

Sales were actually pretty flat both nationally and regionally for 2016 (projected). According to NAR, 2016 has averaged 14,603 sales per day for the country. Prices are up 5.1% and inventory was down 10.1%; sales were up less than 1% at 0.8%. California projects 407,300 sales, down 0.4% over 2015's 408,800, and the median price of $503,900 up 6.2% over 2015. Sales of existing single-family homes, which make up 68% of the overall market will actually increase 1.4% in 2017 to 413,000 (forecast). If inventory creeps up, which it likely will, and new construction keeps on its torrid pace (more jobs added in OC than any other sector), sales next year could surprise us all in Orange County. Affordability remains the biggest challenge with that number dipping to just 22% for the median priced home by mid-23016, although other counties such as Riverside were considerably higher at 41% to 56% (San Bernardino). Inventory has actually thinned at 6,786 properties for sale as of September 22nd, down from 7,040 of two weeks earlier, but this is more likely a seasonal drop, happening every year as the school year returns. There are approximately 120 foreclosure/short sale properties on the market currently.