Has The Real Estate Resale Market Topped? – See the trends, forecast and facts in the OC market.

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Has The Real Estate Resale Market Topped? – See the trends, forecast and facts in the OC market.

OC Housing Forecast
 

Core-Logic recap of our current Orange County Real Estate Market

March 2019. Source; OC Register, 4/28/2019.

 
Home Prices Resale Homes -0.6%, Resale Condos -1.0% and New Home Sales +14.1% All totaled, OC home values are up -0.7% versus last year Median OC home price is $720,000 up versus one year ago (-20k from peak) $1,000,000 plus homes represent 44.1% of all OC listings
 
Sales Volume Resale Homes -20.1%, Resale Condos -19.2% and New Home Sales -39.2% All totaled, OC sales volume is -22.8% versus last year Home sales volume is 2,531 down versus one year ago Inventory is at 5,263 down from one month ago OC Average days on market; 51 days
 
Interest Rates 30-year fixed Mortgage rate is 4.20%, up versus last week 15-year fixed rate is 3.64%, up versus one week ago Average Home Payment is $3,555.97 up versus one year ago ARM’s represent 17.6% of all mortgages

Facts

Did you Know? US home ownership is at 64.4% (up versus last year) California home ownership is 55.2% (up versus last year) OC/LA home ownership is 47.3% (down from last year) California led the nation in 2017 with lowest vacancy rate at 8.3% There were 402,705 SFR homes sales in CA in 2018 There were 35,020 homes sold in Orange County in 2018 There were 37,881 homes sold in Orange County in 2017 It takes a $169,850 a year income to buy an OC median priced home? 614 homes sell every hour in the United States!
 
Facts Southern California median home price is $512,500 OC median home price is $720,000 LA median home price is $585,000 Ventura median home price is $565,000 San Diego median home price is $549,000 Riverside median home price is $381,500 San Bernardino median home price is $335,000

Trends

Rents rose 4.7% in 2016, 5.1% in 2017 and 4.9% in 2018 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 Only 1.19% of all OC properties currently listed as distressed Only 21% of all OC earners can afford to buy a home today.

Forecast

 
Forecast CAR forecasts a -6.9% decline in sales for 2019 Core-Logic forecasts US home prices will increase 4.8% in 2019 CAR Forecasts California home prices will rise 3.1% in 2019 Cal State Fullerton forecasts a 4-5% prices in increase in SoCal in 2019 Chapman University forecasts a 2.9% price increase for OC in 2019
 
Let’s Connect If you find the above information useful, then you will like to know how we can help find a good buying opportunity for you. 

 

 

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