As we passed through the halfway point of 2017, the housing market in Southern California maintained its red hot pace with home prices hitting all-time high, again, and sales just one notch below their record high since 2006.
According to reports by real estate research firm CoreLogic, the median price of an Orange County home is $695,000 in June 2017. If we go back exactly one year ago in June, the current home price is 6.1 percent more. That’s pretty good appreciation and well above the inflation rate of 1.73 perce
nt from July 2016 to present.
Additional data reports by CoreLogic reveal there were 3,803 closed transactions in June by home buyers and sellers, the second-highest monthly figure dating back to June 2006. The typical June average in Orange County is 4,100 transactions and it is well below the record number of sales which occurred in August 1988 at 6,488.
Another interesting statistic in June, was the $500,000 median price of all Southern California homes. This number has not been touched since August of 2007. The record high for median home price for all Southern California homes was $505,000, attained on three instances and all in the year 2007.
In Orange County, new construction home transactions are responsible for 30-35% of the sales as of July 2017. Many buyers are choosing to purchase a new home rather than a re-sale home for several reasons. When buying a newly constructed home, the buyer has the option to choose the home design layout, upgrades and special options.