The Orange County real estate market continues to improve! in fact, a recent report shows that home prices increased 17% in the year ending March, making this increase the biggest annual percentage gain in local home prices since March 2005. What’s more, for the last 10 months the county’s annual appreciation rate has increased as well.
At a just over 17% sales price increase, Orange County home price gains matched that of California as a whole. Our lovely state had the second-biggest home-price appreciation rate among all the state in the Union. Only Nevada had a bigger gain, with prices up 22% in March. You might remember that along with California, Nevada’s real estate economy was one of the hardest hit during the mortgage meltdown.
The OC real estate market report also indicated that:
- Among the 100 most populous metro areas in the US, only Phoenix had a higher appreciation rate than the O.C. at almost 19%.
- Home prices increased 16% percent in Los Angeles County.
- Home prices were up almost 15% percent in the Inland Empire.
- Prices were up 10.5 percent in the nation as a whole.
- Eighty-eight of the top 100 U.S. metro areas had price gains.
“Home prices continue to rise at a double-digit rate in March led by strong gains in the Western region,” said Anand Nallathambi, president and CEO of CoreLogic. “Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale.”