Whats Happening In OC Home Sales And Interest Rates

Dated: 10/20/2014

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Prices Resale Homes +6.2%, Resale Condos +5.3% and New Home Sales +10.3%   Sales Volume Resale Homes +1.4%, Resale Condos -1.0% and New Home Sales +17.2%   Facts Median Home Price is $585,000 up from $550,000 a year ago Sales Volume is up, 2,980 versus 2,916 a year ago Average Home Payment is $2,666.54 up from $2,517.00 a year ago Inventory is down from 7,400 to 7,818 just one month ago Mortgage Defaults, 373, down 5.6% versus one year ago Foreclosures, 113, are up from 80 versus one month ago Average Days on Market 3.31 months (100 days)   Interest Rates 30 year fixed Mortgage rate is currently 3.97%, down versus one week ago 15 year fixed rate is 3.18%, down versus one week ago Interest rates dropping due to recent stock market declines  

Trends
OC Home Sales up 5.8% vs 8/2013, smallest growth since 2012 50% of all CA home sales received multiple offers vs 7 out of 10 last year 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 26.5% 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! Medium OC new home sales price is $805,000, 33% higher than #2 San Diego Home ownership at its lowest point in 19 years (64.8%) Highest price increase VLY; Dana Point, 92624, +162.4%  Largest price decrease VLY; Newport Beach, 92661, -31.1%
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