Orange County home prices increase on a year-over-year basis

Many Orange County residents have a rosy outlook about the blossoming housing market. Recent data indicates that the houses for sale in Orange County are selling quickly, which is a positive sign for the area's economy.

According to The Orange County Register, home prices in Orange County increased by 0.4 percent between July 2011 and July 2012. Meanwhile, the county has also seen house prices rise in each of the last five months.

"The news on home prices in this report confirm recent good news about housing," David Blitzer, Managing Director of a company that tracks U.S. housing market data, told the news source. "Single-family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing."

Current properties are also selling at rapid rates in Orange County, which could help home values increase.

The rise in the value of Orange County homes
Many Orange County property sellers are able to obtain offers at or near the asking prices of their houses.

Overall, home prices increased in 41 Orange County ZIP codes between August 2011 and August 2012. The average home price in Orange County was $525,000, which represents an 11.7 percent year-over-year increase. Additionally, house sales rose 22.9 percent during the same time frame - a reflection of buyers' interest in these Golden State properties.

Other data shows that more Orange County residents are retaining their properties. The news source points out that the 90-day mortgage delinquency rate for county residents dropped to 4.48 percent in July 2012, which is a 26 percent decrease from July 2012. The county's 90-day mortgage delinquency rate is also 23 percent lower than the state's average and 33 percent below the national average.

Opportunities for homebuyers
Many homebuyers are purchasing properties in Orange County, and those who act soon can still obtain high-quality residences throughout the area.

Freddie Mac notes that the average interest rate on a 30-year fixed-term mortgage was 3.49 percent as of September 20, 2012. Economic fluctuations can often influence the interest rates banks and lenders provide homebuyers, and the last time the interest rate on this type of mortgage was this low was July 26, 2012. However, property buyers can currently receive lower-than-average interest rates on mortgages, which can help them when they purchase homes in Orange County.