Southern California home prices rise to 49-month high
Positive news was released recently about the state of the Southern California housing market, which could prompt potential homebuyers to consider real estate in Orange County. As housing experts continue to revel in the positive movement in the housing market, residents may take notice and decide to make changes to their housing situation. Whether an individual is interested in becoming a first-time homebuyer or upgrading to a larger home with more amenities, now might be the time to act.
According to market researcher DataQuick, the median price paid for a home in Southern California increased in September 2012 to a more than four-year high. Experts credit this improvement to high affordability-driven demand, decreased inventory levels and a transforming market.
"The latest stats suggest unbelievably low mortgage rates and modestly higher consumer confidence continue to put pressure on a supply-starved housing market. We can’t stress enough, though, that the median sale price and other price measures reflect more than just rising home values. There's been a major change in market mix, meaning fewer low-priced sales, fewer foreclosures re-selling, and more sales in middle and upscale markets," said John Walsh, DataQuick president.
The median price paid for a house in Orange County was $450,000 in September 2012, according to the source. In a year-over-year comparison, the cost of an Orange County property increased 5.9 percent.
The Orange County Register reports that the median home price for the region has hovered around $450,000 for four other months since housing prices drastically dropped by 43 percent in 2008. Orange County features one of the most expensive metro areas in the Southland. In contrast to the $450,000 median home price in Orange County, the entire Southland has a median price of $315,000. However, this is still positive real estate news for last month's median price was the highest the area has seen since the median was $330,000 in August 2008.
County officials' claim that 2,677 homes were purchased in September 2012 in Orange County - up 6.7 percent from the same time period one year prior. In addition, September was the eighth consecutive month of year-over-year sales gains. As the market continues to improve in the Southland, potential homebuyers may want to consider checking out the MLS listings in Orange County.