HOME PRICES UP, VOLUME DOWN, due to low inventory. Below is a recap of our current Orange County Real Estate marketplace. All data is based on sales ending on March 8, 2014 versus one year ago. Prices Resale Homes +16.8%, Resale Condos +17.9% and New Home Sales +15.3% Sales Volume Resale Homes -17.7%, Resale Condos -16.1% and New Home Sales +32.2% Facts Medium Price is $575,000 up from $487,000 a year ago Sales Volume is down to 2,578 versus 2,975 a year ago Average Home Payment is $2,639.56 Inventory is up 5,283 up from 5,087 just one month ago Mortgage Defaults, 378, down 14.9% versus one month ago Foreclosures, 73, down 36.5% versus one month ago Average Days on Market 2.45 months (73 days) Interest Rates 30 year fixed Mortgage rate is currently 4.32% down slightly from last week 15 year fixed rate is 3.32% down slightly from one week ago MBA reports a 1% decrease in volume versus one week ago Trends Highest price increase; Santa Ana, 92701, +92.9% vly 2nd Highest price increase; Santa Ana, 92705, +59.4% vly 3rd Highest price increase; Newport Beach, 92661, +54.9% New home sales continue to decline Million dollar inventory is 27.6% of all OC listings Medium home sales prices to climb NAR reports the West is down 8.1% in sales due to low inventory NAR reports the Northeast +7.1, Midwest +2% and the South +3.6%
Posted on: Mon, 24 Mar 2014 18:06:08 +0000
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