Interest Rate And Real Estate Market Update January 29 2015 Orange County CA

Dated: 01/29/2015

Views: 386

Image titlePrices

Resale Homes +.8%, Resale Condos +1.1% and New Home Sales +27.7%

All totaled, OC home values are up 1.8% versus last year

Sales Volume

Resale Homes -6.8%, Resale Condos -11.1% and New Home Sales -29.0%

All totaled, OC sales volume is down 11.9% versus last year

Facts

Median Home Price is $580,000 versus $570,000 a year ago

Sales Volume is 2,639 versus 2,995 a year ago

Average Home Payment is $2,771.46.00 versus $2,542.09 a year ago

Inventory of homes for sale is at 5,255 versus 5,589 just one month ago

Mortgage Defaults, 385, up 5.5% versus one year ago

Foreclosures, 97, down 3% versus one year ago

Average Days on Market 3.29 months (109 days)

$1m+ home now represent 26.9% of all OC home listings

California is the world’s 7th largest economy, mostly due to real estate

Interest Rates

30 year fixed Mortgage rate is currently 3.63%, down versus one week ago

15 year fixed rate is 2.93%, down versus one week ago (lowest since 5/2013)

The refinance boom is on, applications up 14% versus one week ago

FHA applications up 57% versus last week

Adjustable Rate Mortgages are on the rise, HELOC’s are back!

Trends

New home sales continue to drive the market

Generation Y is ready to buy (born between 1980-2000)

Senior Housing (55+) in demand, OC short in supply

US home sales forecasted to rise 9% in 2015 (CoreLogic)

New Housing Starts rising nationwide (1m), highest level since 2007

Boomerang buyers are back, buyers who now have credit after a short sale or foreclosure.

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