With home values rising all year, the Orange County area has seen an amazing rebound in the real estate market, and a recent report from real estate analytics company DataQuick confirms that Orange County’s stellar numbers are continuing to hold strong in this blossoming market.
DataQuick’s recent report for July saw the best numbers for that month since 2005 in regards to Orange County home values and activity. This included home values being up 19.9 percent year-over-year from July of 2012 and the number of sales this July also up 42.6 percent from last July.
“July home sales came in very strong, and we think a lot of the increase in activity can be chalked up to a rising inventory of homes for sale,” said DataQuick President John Walsh. “The jump in mortgage rates a couple of months back might have spurred more buying, too.”
Irvine area homes for sale rising in numbers
In line with Walsh’s statement, another trend that should make potential Irvine home buyers and Orange County real estate hunters happy is that homes are starting to populate heavily in a market that was seeing very limited inventory numbers for much of 2013. Essentially, after home owners in the Orange County area saw the amazing prices that area homes were netting, they decided it was finally time to put their Orange County homes on the market, and this renewed inventory is predicted to continue to saturate the market for the rest of the year.
Adds Walsh: “The market continues its rebalancing act, with more and more people who’ve been ‘underwater’ now able to sell their homes at a profit, or at least break even.”
In terms of hard numbers, Orange County saw a median home sale price for July 2013 at $539,500, over last July’s median sale price of $450,000. This July 2013 number was down a very small amount from the $545,000 median sale price for the area in June. There were also 4,402 homes sold in Orange County in July of this year, which was up from 3,087 in July of 2012. And the entire six-county region of Southern California rose by 23.5 percent in terms of the amount of homes sold year-over-year in July of 2013.