OC Median Housing Price Hits $600,000 Mark

Just a quick note on what's going on with our Median Housing Price - this is an extract from the OCRegister on May 19, 2015.

---The median price of a home in Orange County rose to $600,000 in April 2015, up by 4.2 percent from $576,000 in April 2014. According to CoreLogic, the number of homes sold rose by 12.4 percent, from 3,111 in April 2014 to 3,497 last month.

“Sales activity picked up last month, making it one of the stronger Aprils since the housing bust, though sales remained below average,” said Andrew LePage, a data analyst for CoreLogic. “Many buyers still face credit and affordability hurdles, and the inventory of homes for sale remains relatively tight in many markets. New home construction is still well below historically normal levels, too.”

In A total of 21,708 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was up 9.9 percent from 19,706 in March and up 8.5 percent from 20,008 in April 2014.

The median price for a Southern California home was $429,000 in April, up 0.9 percent from $425,000 in March and up 6.2 percent from $404,000 in April 2014.----

So what does this mean to us? For some of you who have been house hunting lately, the process has become a little more frustrating than usual. Our Orange County Real Estate market is hot and nice homes that are priced right sell quickly and there's competition for the same home. 

What to do? If you need to buy 'NOW', let us help you. Our agents are very experienced at this type of situation - 'Been there, done that' - . We know how to handle, who to talk to, and have a great network in the community which makes things easier for our buyers.

If you have a little time: you know this is the most competititive time of the year. As usual, as soon as kids get back to school, or even, as we approach the end of the summer, the activity begins to cool down, giving an edge to the buyers.

Let us help you! Contact us at your convenience, and we will be happy to guide you through this process! Meanwhile, enjoy the home search!

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