04/21/2015
Orange County Real Estate April Market Update
Below is a recap of our current Orange County Real Estate Marketplace, effective 4/20/2015 versus one year ago.
Prices
Resale Homes +4.0%, Resale Condos +1.8% and New Home Sales +13.2%
All totaled, OC home values are even versus last year
Sales Volume
Resale Homes +15.1%, Resale Condos 9.2% and New Home Sales -17.4%
All totaled, OC sales volume is up 8.9% versus last year
Facts
Median Home Price is $580,000 versus $580,000 a year ago (10.8% below 2007 peak))
Sales Volume is 3,140 versus 2,884 a year ago
Average Home Payment is $2,662.00 versus $2,714.86 a year ago
Inventory of homes for sale, 5,624 versus 5,560 just one month ago
Mortgage Defaults, 378, down 10.4% versus one year ago
Foreclosures, 116, up 7.4% versus one year ago
Average Days on Market 1.8 months (53 days) it’s a Seller’s Market!
$1m+ homes now represent 34.1% of all OC home listings
Santa Ana has the highest rent versus income in OC (48%)
Aliso Viejo has the lowest rent versus income in OC (31.7%)
California housings costs are 2 ½ times higher than the national average
California is the world’s 7th largest economy, mostly due to real estate
California home ownership is 48th out among all 50 states…
Interest Rates
30 year fixed Mortgage rate is currently 3.67%, up slightly versus one week ago
15 year fixed rate is 2.94%, up slightly versus one week ago
Adjustable Rate Mortgages are on the rise, HELOC’s are back!
Trends
OC New Home Prices hit record high at $909,000
OC 25-34 year old population has fallen 7% since 2000, US up 9%
Renters paying more (5.7% VLY) due to low high occupancy levels
New home sales continue to drive the market
Boomerang buyers are back, buyers who now have credit after a short sale
Millennials (late 20’s, early 30’s) are entering the home market
Senior Housing (55+) in demand, OC short in supply
US home sales forecasted to rise 9% in 2015 (CoreLogic)
Special Thanks to Robert Toffel | National Title | 949.702.3027
http://therogersrealtygroup.com/orange-county-real-estate-april-market-update/
Below is a recap of our current Orange County Real Esta …