Orange County Home Values
Learn here the current direction of Orange County home values. There has been a general slowdown in sales across the country, and you cannot blame economic news. Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. There is however, a strong demand for Orange County home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers.
Regarding Orange County home values, new Listings were down 8.2 percent for Single Family homes and 8.3 percent for Townhouse-Condo properties. Pending Sales decreased 37.9 percent for Single Family homes and 47.0 percent for Townhouse Condo properties.
The Orange County Median Sales Price was up 5.4 percent to $680,000 for Single Family homes and 9.3 percent to $442,500 for Townhouse-Condo properties. Months Supply of Inventory decreased 8.8 percent for Single Family units and 7.4 percent for Townhouse-Condo units.
With job creation increasing and mortgage rates remaining low, the pull toward homeownership is expected to continue. Housing starts have been drifting lower, and some are beginning to worry that a more severe housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high. Homebuilder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being. All in all, staying up to date on Orange County homes values is important if you are thinking of buying or selling a home.