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In February, the median price for a home in Orange County was $985,000. Zillow figures show the number of homes for sale in the six-county region increased by 2,000 units last month to 28,665 homes for sale. But listings still are down 26.5% from March 2021, and are down 43% from two summers ago. Fannie Mae’s April outlook expects U.S. home sales will drop 7.4% this year and 9.7% in 2023. As for prices, the government-sponsored lender predicted continued gains, but at a smaller pace, slowing from 20% earlier this year to 3.2% by end of 2023.
In November 2022, Orange County home prices were up 1.0% compared to last year, selling for a median price of $940K. On average, homes in Orange County sell after 46 days on the market compared to 30 days last year. There were 1,460 homes sold in November this year, down from 2,616 last year. By the fourth quarter of 2021, the median price of an existing single family house had already surpassed $1 million, according to the association’s calculations, and 17% of Orange County households could afford it. Though home prices were lower during the early 2000s housing bubble, more Orange County residents can afford a purchase today, a reflection of rising incomes and lower mortgage rates. The drop in sales of homes and median prices in Orange County follows statewide trends, the California Association of Realtors said.
Historical Real Estate Data for the city of Orange, CA
Andrew Khouri covers the housing market for the Los Angeles Times. Before coming to The Times he wrote about commercial real estate for the San Fernando Valley Business Journal. He holds a master’s degree in journalism from the University of Southern California’s Annenberg School for Communication and Journalism and graduated from the University of San Diego with a degree in history.
38,712 Orange County purchases — up 13.8% above the previous 12 months and 11.4% above the 10-year average. That $117,750 gain equals appreciation of $13.44 in each hour of the past year. I don't know the condo, co-op, townhome, or multi-family market well enough to try to create proxies. However, single-family homes are mostly comparable countrywide, so this feels like a good series. High or low home prices don't mean much in a vacuum - and that includes measures that include things such as "multiple of income". As a Premium user you get access to the detailed source references and background information about this statistic.
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Find my historical home price series using nominal prices and one adjusted for inflation. The tool automatically checks for data updates weekly, but due to report release cadence, the data lags behind . March data from DQNews represent closed sales, meaning many buyers opened escrow and locked in their rates in February. Rates were rising then but were still more than 1 percentage point below today. An intense shortage of housing has sparked brutal bidding wars that push prices far above asking. Investors are also gobbling up more homes to flip or rent out, accounting for roughly a quarter of Southern California home sales.
If California, Texas, or New York change housing policies, it can move the whole country's median home price. The tool automatically checks for updates from the FHFA and Bureau of Labor Statistics once a week. Depending on the data release, it will only be a maximum of one week out of date with those series. That means if reported inflation is ahead of home prices, it will inflation-adjust the front month or two .
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To use individual functions (e.g., mark statistics as favourites, set statistic alerts) please log in with your personal account. Number of homes added to the market in Orange, CA by month and year. Spring typically is the busiest season of the year, with 45% of Southern California’s transactions occurring from March through July. But this season will be somewhat cooler than in years past, housing analyst Thomas said in his latest market report. We invite you to use our commenting platform to engage in insightful conversations about issues in our community. We might permanently block any user who abuses these conditions.
View houses in Orange County that sold recently
The average sale price of a home in Orange County was $940K last month, up 1.0% since last year. The average sale price per square foot in Orange County is $569, up 4.6% since last year. The median represents the point at which half of homes sell above a price, and the other half below it.
Median is a better representation of home sales than average. The average rate on a 30-year fixed mortgage hit 5.11% this week, up from 3.55% in the beginning of February, according to Freddie Mac. Mortgage interest rates are rising rapidly, making the $1-million home a harder buy than a few months ago. Rising incomes, a booming stock market and mortgage interest rates that fell below 3% during the pandemic opened up the $1-million possibility to a wider pool of buyers.
As discussed in the Working Paper 16-01, in cases where sample sizes are small for the county area, an index is either not reported if recording has not started or a missing value is reported with a period (.). Index values always reflect the native county index, i.e. they are not made with data from another area or year. ORANGE COUNTY, CA — Sales of existing homes and median prices in Orange County fell in October, following close behind general statewide trends, the California Association of Realtors said Wednesday.
On a year-over-year level, the price was 4 percent higher; in October 2021, the median price of a built single-family property was $1.12 million, according to CAR. Last month, home sales across the county were down 17.6 percent compared to September and were 39 percent lower compared to a year ago, according to the association's report. Experts say a number of factors have contributed to skyrocketing housing prices, especially in Orange County. These include an ongoing housing shortage, speculation, low interest rates, and higher incomes. The median price for a house in Orange County climbed to $1,020,000 in March. The OC is the first county in Southern California to cross the threshold into seven digits.
There's no requirement to buy a home in any market, nor do you need to refinance if rates move against you . Homeownership rates also count people who bought a home already and currently live in it. The decadelong run-up in home values means many homeowners are sitting on piles of equity, enabling them to sell at a profit and buy a much more expensive house even if their incomes didn’t rise. Another major reason for the swift rise in $1-million homes is the fact that more people can afford such a high price. The Orange County milestone marks a momentous rise in wealth, at least on paper, for local homeowners. But it comes as a regionwide lack of affordable housing has pushed people into homelessness and caused others to leave the state in search of shelter they can afford.
You can see that owning real estate in Orange County has been a great long-term investment over the years. If you want a copy of this chart just let me know and I would be happy to send one to you. You can also view a lot of other great real estate related charts on our website that we update frequently. Just visit StellarQuest.com and click the market update tab in the top menu. For more than a decade, Jeff Collins has followed housing and real estate, covering market booms and busts and all aspects of the real estate industry. He has been tracking rents and home prices, and has explored solutions to critical problems such as Southern California’s housing shortage and affordability crisis.
As a Premium user you get access to background information and details about the release of this statistic. Since 2012, figures are for Lake, Orange, Osceola and Seminole counties. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests.
If you wish to report an issue or seek an accommodation, please let us know. Drought risk is based on water stress, which estimates how much of the future water supply will be used for human purposes, like watering the lawn. Storm risk estimates how much climate change increases the chances of extreme precipitation, when a lot of rain or snow falls in a short time, including thunderstorms, snowstorms, and tropical cyclones. Click on the risks below to learn which exist in Orange County today and how they’ll change by 2050. Flood risk data is provided by Risk Factor™, a product of the nonprofit First Street Foundation.
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