Home Living Report – Orange County Real Estate News by Diego Loya
The Orange County Real Estate market in 2013 has some big gains. Homes increased to it’s highest levels since 2007. A more stable and normalized market will continue in 2014 where home prices will stay strong and the buying market will stay fierce. Although there will be more homes for sale, the buyer’s appetite will be greater.
In its entirety, 2013 proved to be a good year for housing. Home sales and prices were broadly higher across the nation, while foreclosure loads, the number of homes for sale and the number of days it took to sell a home were all much lower. Multiple-offer situations became commonplace again and prices in many areas rallied to multi-year highs. This, of course, varied by location and segment, but the proverbial glass appeared to be more than half full throughout the year.
- New Listings were down 17.1 percent for single family homes and 1.9 percent for condos and townhome properties.
- Pending Sales decreased 9.0 percent for single family homes and 0.3 percent for townhouse-condo properties.
- The Median Sales Price was up 23 percent to $530,000 for single family homes and 28.8 percent to $335,000 for condos and townhome properties.
- Months Supply of Inventory decreased 21.7 percent for single-family homes and flat for townhouse-condo units.
Housing is fortified by confident consumers and good jobs. The year 2013 was marked by a slowly improving labor market stunted by political gridlock, and the Federal Reserve’s long-awaited taper announcement was not surprising. Interest rates remain low (but upwardly mobile), prices are still affordable, the employment picture looks decent and the stock market is up nearly 30.0 percent from this time last year. It’s no wonder that buyers were active in 2013. Here’s to more of the same in 2014.
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