Market Update – September

Below is a Core-Logic recap of our current Orange County Real Estate Marketplace for the 22 days ending 8/19/2016 versus one year ago.

[section_title heading=”h1″ style=”1″ text_align=”center”]Home Prices[/section_title]
  • Resale Homes +3.4%, Resale Condos +5.1% and New Home Sales -6.2%
  • All totaled, OC home values are up 4.2% versus last year
  • Median OC home price is $641,000 up from $615,000 a year ago
  • $1,000,000 plus homes represent 36.6% of all OC listings

 

[section_title heading=”h1″ style=”1″ text_align=”center”]Sales Volume[/section_title]
  • Resale Homes -.5%, Resale Condos -4.1% and New Home Sales -34.9
  • All totaled, OC sales volume is -4.8% versus last year
  • Home sales volume is 3,381 down versus 3,553 one year ago
  • Inventory is at 7,267 down from 7,317 just one month ago

                                                                                                                             

[section_title heading=”h1″ style=”1″ text_align=”center”]Interest Rates[/section_title]
  • 30-year fixed Mortgage rate is currently 3.44%, down versus one week ago
  • 15-year fixed rate is 2.76%, down versus one week ago
  • Average Home Payment is $2,904.35 up from $2,874.69 a year ago
  • ARM’s represent 12.7% of all mortgages, down from 14.9% versus last year

 

[section_title heading=”h1″ style=”1″ text_align=”center”]Facts[/section_title]
  • OC homes are moving faster than last year, 75 DOM versus 78
  • OC pending sales in escrow are up 4% versus last year
  • OC home prices are up 4.2% versus last year
  • In the priciest 27 OC zip codes, pricing is up 18.2%
  • In the 9 medium OC zip codes over $1m, sales are up 21%
  • 23.9% of all OC homes sales were cash purchases
  • Ventura County median price is $550,000
  • Los Angeles County median price is $530,000
  • San Diego County median price is $495,000
  • Riverside County median price is $332,000
  • San Bernardino County median price is $285,000

 

[section_title heading=”h1″ style=”1″ text_align=”center”]Forecast[/section_title]
  • Look for a seasonal slowdown in sales as we head into Q4 2016
  • Chapman University predicts a 2.5% price increase in 2016
  • Fullerton University predicts a 4-6% price increase in 2016
  • Agents Forecast demand to be greatest in the $600-$800k price range

 

[section_title heading=”h1″ style=”1″ text_align=”center”]Trends[/section_title]
  • Busiest first half start in OC home sales since 2006
  • Prices are up in most cities and zip codes
  • More jobs (45,500) in OC than last year = more home sales
  • Home ownership nationwide at 63.7%, up slightly VLY (peak was 69.2 in 2004)
  • First time homebuyers are now 30% nationwide

Source; OC Register, 9/11/2016.