Cert-A-Roof Orange County Real Estate News
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Latest News from Orange County Real Estate
September 2019. Source: OC Register
California home prices to rise 2.5% in 2020, Realtors forecast
But sales will be flat due to “economic uncertainty and affordability issues,” outlook says.
Realtors have little to fear from iBuyers, real estate leader says
Home selling is too personal and too complex to be automated, California Association of Realtors CEO tells members.
Sales across six Southern California counties totaled 22,284 last month, CoreLogic reported Wednesday, Sept. 25. That’s down 1.2% in a year and a modest home buying reversal after July’s 3.7% year-over-year sales gain, the region’s first increase after 11 consecutive months of declines.
The Southern California median selling price was $535,000 — flat over 12 months but not far from a record high of $542,000 set in June.
Southern California housing construction permits cut by 14%
Housing permits in Los Angeles, Orange, Riverside and San Bernardino counties totaled 39,917 units — for ownership and rentals — in the 12 months ended in August — down from 46,391 a year earlier.
Slow is nothing new: SoCal permitting has run at a 34,334 annual rate this decade vs. 55,990 in the previous decade and 37,832 in the 1990s.
Around the region, it’s clearly a coastal thing. L.A.-O.C. saw permits drop 19% to 26,484 units while the Inland Empire’s construction plans were off only 1.4% to 13,433 units.
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New Home Sales Fastest Since 2007 in Orange County
Orange County New homes sold: 5,088 sales — above 5,000 for five months, best since January 2007.
Home Builder’s share: 13.4 percent — above 13 percent for seven months, best since June 2008.
Existing homes sold: 32,828 resales — down 1.8 percent in a year and off 1.9 percent from the recent peak of October 2017.
New homes: 4,977 sales — above 4,900 for 33 months, best since March 2010.
Builder’s share: 11.6 percent in past 12 months — eighth month below 12 percent after 31 months above it.
Existing homes: 37,978 resales — off 1.1 percent from recent peak January 2011.
Los Angeles County
New homes: 4,205 sales — above 4,200 for seven months, best since April 2011.
Builder’s share: 5.2 percent — at 5.2 percent or higher for seven months, best since April 2011.
Existing homes: 76,927 in past 12 months — — off 4.8 percent from the recent peak of July 2013.
San Bernardino County
New homes: 3,847 sales — above 3,000 for 10 months, best since February 2009.
Builder’s share: 11.9 percent — highest since January 2009.
Existing homes: 28,541 resales — off just 0.2 percent from the recent peak set in April.
CoreLogic data shows 18,117 new residences sold in the 12 months ended in May across the four counties covered by the Southern California News Group. That’s the best performance since January 2009, and it’s up 7.7 percent in a year.
* for the 12 months period ended in May 2018. Data source: CoreLogic; news source: OC Register
Homebuying is down 18% in these Orange County cities
CoreLogic found these 15 trends in the nine ZIP codes for May 2018 versus May 2017.
1. Purchases: Home sales in this period totaled 268 vs. 325 a year ago, a decline of 18 percent.
2. Who’s up: Prices increased in 4 of the 9 ZIPs as sales rose in 2 ZIPs.
3. Countywide: $738,500 median selling price, up 6.3 percent. Orange County sales totaled 3,519 residences, existing and new, vs. 3,666 a year ago, a decline of 4 percent. Prices rose in 57 out of 83 Orange County ZIPs and sales were up in 33 out of 83 ZIPs.
Here is how prices and sales moved at the community level …
4. Laguna Beach 92651: $1,760,000 median, down 5.5 percent. Price rank in Orange County: No. 4 highest of 83. Sales of 32 vs. 48 a year ago, a decline of 33.3 percent.
5. Costa Mesa 92626: $815,000 median, up 9.6 percent. Price rank? No. 27 of 83. Sales of 38 vs. 42 a year ago, a decline of 9.5 percent.
6. Costa Mesa 92627: $838,500 median, down 6.1 percent. Price rank? No. 24 of 83. Sales of 55 vs. 44 a year ago, a gain of 25 percent.
7. Corona del Mar 92625: $2,520,000 median, up 23.2 percent. Price rank? No. 3 of 83. Sales of 33 vs. 37 a year ago, a decline of 10.8 percent.
8. Newport Beach 92660: $1,675,000 median, down 5.3 percent. Price rank? No. 5 of 83. Sales of 44 vs. 60 a year ago, a decline of 26.7 percent.
9. Newport Beach 92661: $5,500,000 median, up 78.9 percent. Price rank? No. 2 of 83. Sales of 6 vs. 14 a year ago, a decline of 57.1 percent.
10. Newport Beach 92662: $6,700,000 median, up 153.6 percent. Price rank? No. 1 of 83. Sales of 6 vs. 4 a year ago, a gain of 50 percent.
11. Newport Beach 92663: $1,590,000 median, down 3.2 percent. Price rank? No. 7 of 83. Sales of 37 vs. 42 a year ago, a decline of 11.9 percent.
12. Newport Coast 92657: $1,640,000 median, down 44.4 percent. Price rank? No. 6 of 83. Sales of 17 vs. 34 a year ago, a decline of 50 percent.
* source: CoreLogic and OC Register
Orange County median house price sets record at $795,000
Hot! Hot! Hot! “The median price of an existing single-family home hit $795,000 in Orange County last month, an all-time high for a slice of housing that represents almost two-thirds of the local market, the California Association of Realtors reported Tuesday, June 20.”
Last month’s house-price median — or price at the midpoint of all sales — was up 8.6 percent from May 2016, CAR figures show. House sales were up 5.9 percent year over year. – source OC Register
Orange homebuying jumps 10.7%
321 Orange residences sold in the past 12 months vs. 290 homes a year ago, according to CoreLogic, a sales gain of 10.7 percent vs. a 3.5 percent gain countywide. (five ZIP codes in Orange)
Villa Park homebuying jumps 54.5%
17 Villa Park homes sold vs. 11 homes a year ago, an awesome sales gain of 54.5 percent. In the Villa Park ZIP 92861, the median selling price was $1,365,000 vs. $ 1,260,000 a year ago, a gain of 8.3 percent according to CoreLogic.
Mission Viejo homebuying jumps 6%
According to story reported in Orange County Register, “Homebuying in Mission Viejo in 2017’s first three months outpaced a countywide sales advance.”
332 Mission Viejo residences sold in the past 12 months vs. 313 residences a year ago, an increase of 6.1 percent vs. a 3.5 percent increase countywide. – source CoreLogic and OC Register
Tustin homebuying jumps 11% to start 2017
According to story reported in Orange County Register, “Homebuying in Tustin in 2017’s first three months could not keep pace with the countywide sales pace.”
238 Tustin residences sold in the past 12 months vs. 215 residences a year ago, an increase of 11 percent vs. a 3.5 percent increase countywide. – source CoreLogic and OC Register
Homebuying dips in Huntington Beach
According to story reported in Orange County Register, “Homebuying in Huntington Beach in 2017’s first three months could not keep pace with countywide sales advance.”
432 Huntington Beach residences sold in the past 12 months vs. 455 resdinces a year ago, a loss of 5.1 percent vs. a 3.5 percent increase countywide. – source CoreLogic and OC Register
Three Orange County homeowners trends in 2017 vs. 2016
1. Prices rose in 66 of 83 Orange County ZIP codes; sales rose in 50 ZIPs.
2. 2,423 homes sold in the 27 least expensive ZIPs, up 5 percent. Highest median home price: $588,000. Sales rose 70%.
3. 2,630 homes sold in the 27 priciest ZIPs up 7.2 percent, where the medians start at $742,000. Sales rose in 59 percent of these ZIPs. – source CoreLogic and OC Register
Million Dollar homebuying binge in Orange County
1. 1-in-5 Orange County home sales tops seven figures.
2. Buyers spent $1 million or more on 7,147 homes sold in the 12 months ended April, an increase of 14.4 from the previous year.
3. The million-dollar buying binge equaled 18.7 percent of all homes sold in the past year, up from 16.9 percent in the previous year and almost double the 9.7 percent average share of sales priced in seven figures since 2000. – source CoreLogic and OC Register
Check here frequently for the latest news and articles on real estate in Orange County.