Real estate is sizzling in Orange County, CA as home prices continue to climb year over year, month over month. I’ll say it again, if you are contemplating selling, do it! Don’t miss the boat. Real estate prices will not stay high forever and we cannot predict the future, all we know right now is sellers are walking away very happy.
It won’t be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the downturn, much inventory was purchased by these groups. Now that prices are rising, there’s less incentive for these kinds of buyers, yet affordability for consumers remains attractive.
- New Listings were up 4.2 percent for detached homes and increased 32.1 percent for attached properties.
- Pending Sales increased 18 percent for single family homes and 25.9 percent for townhouse-condo properties.
- The Median Sales Price was up 24.3 percent to $534,500 for detached homes and 41.8 percent to $348,000 for attached properties.
- Months Supply of Inventory decreased 53.8 percent for single-family units and 48.5 percent for townhouse-condo units.
With mortgage rates slightly up but relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately-paced economic expansion. Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices. Housing has made a positive contribution to real GDP growth for 11 consecutive quarters.
Want to Sell Your Home?
Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040 diego@ehomeliving.com .
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Orange County Homes For Sale
(Contact me if you are searching for a specific property or property type)
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