The rest of the country may not be able to boast improving home prices, but California can! After being hit hard by the mortgage meltdown a few years back, Orange County needed some positivity and this trend is good news for Orange County real estate aficionados. In more detail, October brought annual price gains for the eighth month in a row, according to the California Association of Realtors. In fact, the year-over-year home price increase was the largest since May 2010.
In California, the median price for an existing single-family detached home was $341,370, up 23% from October 2011. October marked the fourth consecutive month of double-digit annual price gains and while this number did dip slightly from September’s $345,000,this reflects a common seasonal drop. Home sales were up 10% from last October and 12.5% from this past September and have been up 6 of the last seven months. In Orange County, October’s median home price was $558,680, up 15% from $484,390 a year ago and down 0.6% from September 2012. Additionally, sales were up 36% year over year and 16.5%, also from September.
Sales of higher-priced homes throughout California continue to improve. The housing supply shortage, especially of lower-priced homes, is expected to remain an issue in the short term and but will likely see solid year-over-year price gains through the first quarter of next year, as sales of higher-priced homes grow.
CAR’s incoming president stated that in Orange County, “Sales surged to the highest level since May, with demand continuing to be strong across all parts of the state. Sales were particularly robust in the coastal markets, but they also rose significantly in many non-metropolitan areas, as confidence toward the housing market continued to improve. Most counties in the Northern California region, for example, posted double-digit year-over-year sales gains in October.”
For more information on buying and selling homes in Orange County, contact Cheryl Marquis today.
Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. Cheryl is a member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com