Orange County CA Housing Stats 2014 Vs 2013

Dated: 11/03/2014

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Below is a recap of our current Orange County Real Estate marketplace, effective 11/3/2014 versus one year ago.   Prices Resale Homes +4.7%, Resale Condos +8.1% and New Home Sales +7.4%   Sales Volume Resale Homes -4.3%, Resale Condos -10.2% and New Home Sales +3.6%   Facts Median Home Price is $577,250 up from $540,000 a year ago Sales Volume is down, 2,939 versus 3,014 a year ago Average Home Payment is $2,653.90 up from $2,499.43 a year ago Inventory is down from 7,174 to 7,663 just one month ago Mortgage Defaults, 373, down .9% versus one year ago Foreclosures, 113, are up from 80 versus one month ago Average Days on Market 3.24 months (107 days)   Interest Rates 30 year fixed Mortgage rate is currently 3.98%, up versus one week ago 15 year fixed rate is 3.13%, up versus one week ago Tighter loan requirements have led to a decline in approvals FICO Scores matter more than ever…   Trends All totaled, OC home values are up 6.9% versus last year All totaled, OC sales volume is down 5.3% versus last year California construction employment is up 31% versus post-recession lows Equity sales account for 95% of all OC transactions Investors account for 15% of all CA home sales, down from 19% last year Buyers are paying 97% of resale sales price versus 99% last year Only 3.6% of all OC homes still underwater (19,840 homes) $1m+ home now represent 26.1% of all OC home sales OC Home building is up 71% versus last year, fastest pace since 2007 Developers have sold 1 out of 8 homes in OC over the past year! Home ownership at its lowest point in 19 years (64.8%) Highest price increase VLY; Newport Beach, 92663, +57.8%  Largest price decrease VLY; Dana Point, 92624, -28.0%
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