Recap: Orange County Real Estate Data

    How’s The Market Show

    Below is a Core-Logic recap of our current Orange County Real Estate Marketplace for the 22 business days ending July 24th 2018. Source; OC Register, 8/19/2018.

    Home Prices
    Resale Homes +5.2%, Resale Condos +4.9% and New Home Sales +18.5
    All totaled, OC home values are up +5.8% versus last year
    Median OC home price is $735,000 up versus one year ago
    $1,000,000 plus homes represent 40.5% of all OC listings

    Sales Volume
    Resale Homes -9.0%, Resale Condos -7.5% and New Home Sales +18.7%
    All totaled, OC sales volume is down -6.2% versus last year
    Home sales volume is 3,477 down slightly versus one year ago
    Inventory is at 6,893 up slightly from one month ago
    OC Average days on market; 84 days (59 days just 1 year ago)

    Interest Rates
    30-year fixed Mortgage rate is 4.53%, down versus one week ago
    15-year fixed rate is 4.01%, down versus one week ago
    Average Home Payment is $3,534.037 up versus one year ago
    ARM’s represent 19.8% of all mortgages

    Did you Know?
    US home ownership is at 64.3% (up versus last year)
    California home ownership is 54.3% (up versus last year)
    OC/LA home ownership is 48.8% (down versus last year)
    Riverside/San Bernardino home ownership is 60.1% (down vs last year)
    California led the nation in 2017 with lowest vacancy rate at 8.3%
    There were 37,881 homes sold in Orange County in 2017
    It takes a $169,850 a year income to buy an OC median priced home?
    614 homes sell every hour in the United States!

    Facts
    California median home price is $536,250
    OC median home price is $735,000
    LA median home price is $616,000
    Ventura median home price is $615,000
    San Diego median home price is $577,000
    Riverside median home price is $381,000
    San Bernardino median home price is $336,000
    Millennials represent the largest homebuying audience

    Trends
    OC Rental prices average $1,939 a month! +29% versus 2010
    LA Rental prices average $1,940 a month! +39% versus 2010
    IE Rental prices average $1,334 a month! +29% versus 2010
    OC home prices have risen 6 consecutive years
    OC Has 8 zip codes in the top 100 for priciest homes sales in the Nation!
    Only 1.19% of all OC properties currently listed as distressed
    Only 21% of all OC earners can purchase a home

    Forecast
    Chapman University forecasts a 5.6% price increase for OC in 2018
    Fullerton University forecasts a 5.6% price increase for OC in 2018
    Metro-study and other research companies forecast a 3.2% in OC for 2018

    Let’s Connect
    If you find the above information useful, then you will like how I can use data to help uncover areas of opportunity to buy and sell real estate in Orange County.

     

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