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Prices of Orange County Homes Up 6.4 Percent in a Year

According to an article in the Orange County Register, the prices of Orange County homes were 6.4 percent higher in September of 2014, as compared to September 2013. However, a month-to-month comparison shows them down from August. Here are the details:

  • * September’s median home price was $585,000, $5,000 less than the median price of homes in August.
  • * In September 2013, the price of homes was at $550,000. Earlier this year, the median price briefly reached the $600,000 mark.
  • * 2,980 homes, condos and townhomes were sold in September. This represents an increase of 64 units over 2013, but 34 less than August’s total.
  • * According to the article, the market generally slows at summer’s end, once school has started.
  • * The median price for all homes in the Southern California region in September was $413,000. This represents an increase of more than 8 percent from the same time last year.
  • * September was the first time in more than two years that none of the counties in the six-county region has seen double-digit year-over-year price gains.
  • * The 2.2 percent increase in homes that sold was the first increase for Orange County this year.
  • * The number of homes for sale in Orange County has fallen since its summertime peak of 8,084. As of October, there were 7,400 homes on the market.
  • * There is currently about three months worth of inventory on the market. However, the market is shifting and that amount could increase to four months worth by year’s end.

Now is the time to buy a home, while the prices are low and there’s plenty available. We can help. To find out more about our Southern California communities and the new homes we have available, contact us.