Archive for July, 2017

Orange County Real Estate Market Update 7/5/17

The Orange County real estate market has continued to climb over the last few months. A surge in home buying pushed Orange County home prices to a record high for a second straight month, curbing affordability more as buyers compete for a limited number of available houses and condos. The median price of an Orange County home — or price at the midpoint of all sales — soared in May to $695,000, up $20,000 in a month, real estate data firm CoreLogic reported Wednesday. That’s also up $43,500 or 6.7 percent from a year earlier. Sales, meanwhile, increased 1.9 percent from May 2016 to 3,682 transactions last month, aided by still-low mortgage rates. Last month’s sales tally was the highest for a May in four years. Orange County home prices have gone up on a year-over-year basis for 61 consecutive months, climbing $260,000, or 65 percent.

Despite the Fed rate hike, home loan rates have remained flat over the last month. From Freddie Mac’s weekly survey: The 30-year fixed rate averaged 3.88 percent, improving 2 basis points from last week’s 3.90 percent and dropping to the lowest rate since November. The 15-year fixed averaged 3.17 percent, unchanged from last week.

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