While the market has slightly cooled off after seeing exorbitant highs throughout early 2013, the most recent figures from real estate analytics tracker DataQuick still see the average Orange Count home value rising. The county’s median home price of $545,000 for June represented a 20 percent year-over-year gain, according to the OC Register, and also hit a six-year high that the market hadn’t seen since before the housing bubble burst in 2007.
in addition to these figures, this was the fifth straight month that Orange County home values have risen, after being $5,000 less on average in May, and is also the 14th straight month that the year-over-year median value has gone up.
Still, analysts say that even while inventory remains low in relation to where it was a few years ago, inventory rates are beginning to pick up again, which is often due to Orange County and Irvine homeowners overpricing their abodes. “Rates have shot up enough to put a dent in housing affordability,”DataQuick President John Walsh said. “Investor and cash buyers are starting to back off a bit, while there’s evidence the supply of homes on the market—still thin by historical standards—has risen meaningfully. We saw an amazing pop in home prices over the last year. Now we see signs suggesting that blistering pace won’t persist.”
This could mean a readjusted market sometime in the near future, especially with the high interest rates that have come about over past few months. And to some potential Irvine homebuyers, a market that offers more inventory and sees its prices eventually trending downward is just what they’ve been waiting for.
While most home prices were up, The California Association of Realtors saw some actual home sales slightly down in June. Existing homes and condos sold at a rate 1 percent lower than for the same time last year, marking the first time these properties have seen a decline in sales in 16 months. That said, new homes sales went up about 12 percent, coming in at 3,350 for all of Orange County in June.