Recap of our current Orange County Real Estate Marketplace

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Good Monday and the heat is on in-regards-to the weather and to our Real Estate Market. Prices continue to rise, as does inventory and does days on market. To some that is worrisome, to others it is just a seasonal trend but to me it spells opportunity.

Below is a Core-Logic recap of our current Orange County Real Estate Marketplace for the 22 business days ending June 25th. Source; OC Register, 7/22/2018.

Home Prices
Resale Homes +5.3%, Resale Condos +4.1% and New Home Sales +15.8%
All totaled, OC home values are up +6.4% versus last year
Median OC home price is $742,500 up versus one year ago (ALL TIME HIGH)
$1,000,000 plus homes represent 43.4% of all OC listings

Sales Volume
Resale Homes -.8%, Resale Condos -5.5% and New Home Sales +4.5%
All totaled, OC sales volume is up -1.4% versus last year
Home sales volume is 3,769 down slightly versus one year ago
Inventory is at 6,579 up slightly from one month ago
OC Average days on market; 81 days (59 days just 1 year ago)

Interest Rates
30-year fixed Mortgage rate is 4.50%, down versus one week ago
15-year fixed rate is 4.00%, down versus one week ago
Average Home Payment is $3,530.74 up versus one year ago
ARM’s represent 18.5% of all mortgages

Did you Know?
US home ownership is at 64.2%
California home ownership is 55.2%
OC/LA home ownership is 51.9%, up from 50.1% versus 1 year ago
Riverside/San Bernardino home ownership is 61.2%, up from 61.0% VLY
California led the nation in 2017 with lowest vacancy rate at 8.3%
There were 37,881 homes sold in Orange County in 2016
It takes a $162,950 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 $526,000
OC median home price is $742,500
LA median home price is $588,000
Ventura median home price is $559,000
San Diego median home price is $557,000
Riverside median home price is $381,000
San Bernardino median home price is $333,000
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

If you’re looking for the best Orange County Realtor® contact Danae Aballi: Primarily serving the communities of: Corona del Mar, Newport Beach, Costa Mesa and Laguna Beach.
Thank you to: Robert E. Toffel of  WFG Title for emailing me this recap.

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