Inventories Show Steady Decline

Inventories of unsold new housing in Orange County have diminished steadily since the depths of the recession in 1982, when there were more than 6,600 homes and condominiums waiting for buyers. The total declined to a low of 324 by the middle of 1988, increasing only slightly to 511 by year’s end.

Recent figures show a reversal of a longstanding trend: For the first time since 1982, the number of unsold detached homes in the county exceeded the number of available condominium units. A similar tightening of attached housing inventory has been experienced throughout Southern California.

In terms of available housing at the end of 1988, Orange County had less than a quarter as many unsold homes and condominiums as fast-growing Riverside County.

UNSOLD NEW HOUSING IN COUNTY

Time Period Detached Attached Total Midyear 1982 1,621 5,012 6,633 Year-end 1982 1,293 3,344 4,637 Midyear 1983 665 1,918 2,583 Year-end 1983 740 1,747 2,487 Midyear 1984 1,167 2,224 3,391 Year-end 1984 1,274 2,163 3,437 Midyear 1985 1,409 1,988 3,397 Year-end 1985 1,645 1,790 3,435 Midyear 1986 638 1,110 1,748 Year-end 1986 800 1,502 2,302 Midyear 1987 525 996 1,521 Year-end 1987 508 814 1,322 Midyear 1988 67 257 324 Year-end 1988 312 199 511

Source: Real Estate Research Council of Southern California