Buyer confidence, rising employment, rising rents, tight supply of homes, low mortgage rates, improved economy and low unemployment, helped jack up sales and prices to highest point since 2007.
Median selling price – the price at the midpoint of all sales – hit $629,500 during June 2015, which is just 2.4 percent below the record price of $645,000 during June 2007.
Buyers seemed to jump at the chance to lock in especially low rates during April and May, and those sales closed during June.
The OC economy has seriously improved with construction, wholesale, manufacturing, technology, education and government sectors having job growth and high wages.
However, it’s still very challenging for buyers. Inventory of homes for sale averaged 11 percent below 2014 levels, nearly 800 homes, from April through early June 2015.
Sales of existing houses and condos were up 18.7 percent in Orange County during June 2015. But it was continued declining of new home sales, with homebuilder transactions down 5.1 percent year over year.
Prices were up in 63 of 83 Orange County ZIP codes, the biggest gains occurring in Newport Coast. Sales were up in 58 ZIP codes.
The hot-selling new home community of Baker Ranch propelled Lake Forest to No. 2 in sales gains. Transactions in that city were up 57 percent to 116 deals in June.
By Harrison K. Long – CA real estate broker, professional real estate representative, Realtor at Orange County CA – CAL BRE 01410855. Source of some information is CRMLS multiple listing service and OCRegister.com.
“Orange County Home Selling Prices At Top Since 2007″