Mortgage Rate Increase Won’t Stop the Orange County CA Real Estate Recovery
Recent mortgage rate increase from all-time lows is not expected to stop the real estate recovery at Orange County CA.
Even during times of increasing rates and limited supply of homes for sale during the past six months, Orange County home buying has sharply increased from last year.
Orange County home buying was up 6 percent during the 22 business days ending on June 24, 2013.
Sold prices were up 17.6 percent on resale homes for that same time – and prices were up 11.4 percent on new home sales – and prices were up 35.8 percent on resale condos.
Inventory of Orange County CA homes for sale increased to 4,727 units, which provides buyers with more selection and opportunity.
Average market time at Orange County remains very short at 1.4 months (theoretical time it would take to sell all homes now on the market at current rate of sale).
Orange County continues to have an amazing large number of active home buyers – even during the past six months when rates were on the upswing.
So even if 30-year rates might climb to 6 percent over the next year, we don’t expect that will derail the Orange County CA housing market recovery.
Orange County CA home buying at any mortgage rate below 6.5 percent will be excellent when compared with history perspective.
Home buyers at Orange County are smart and anticipate what will be happening with rates and prices in the future – and increased home buying might actually be inspired by the projection that rates will be going up.
Source of some information is OCRegister.com, and this is for information only and is not the providing of professional real estate or legal services.
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