Orange County Real Estate Market Update 10/13/16

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The real estate market in Orange County has seen another steady and strong year. The median price of an Orange County home jumped 6.4 percent to $649,000 from year-ago levels, while sales were up a whopping 14.5 percent to 3,633 transactions. Transactions were up across the board: Existing house sales were up 8.8 percent, existing condo sales increased 18.8 percent and sales of new homes of all types soared 46.3 percent above August 2015’s tally. Meanwhile, home prices were up year-over-year for a 52nd consecutive month. The price of an existing house rose 4.4 percent from year-ago levels.

New-home construction in Orange County is on track this year to hit the highest level in 11/2 decades, a new forecast and new building permit data show. And there’s a huge appetite among buyers for all those new houses, townhomes and condos. Sales also are at a 10-year high-water mark. A forecast by the California Homebuilding Foundation’s CIRB report says developers will take out 11,300 building permits in 2016 for new houses, condos and apartments, the most for any year since 2002. New-home sales for January through June were up 146 percent from four years ago, CoreLogic figures show.

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