We’ve been watching the home prices steadily rise here in Orange County and per Corelogic, their home price index climbed 12.1% in April and they predict May price gains will show another 2.7% rise. This brings home prices the highest in 7 years.
California was in the top five states in last years price gains at 19.4%. Nevada saw the largest coming in at 24.6%, Arizona and Hawaii at 17.3% and 17% and Oregon came in at 15.5% gains.
Lack of inventory and a large group of buyers that have come off the fence as well as continued low interest rates has brought about home prices the highest in 7 years. We have seen more new construction recently and in April more permits were applied for than in the past five years.
This is a great time for sellers to get their homes on the market as there are eager buyers waiting in the wings.
Need more local Orange County real estate information?
Contact Sharon Bacchetta 949.295.5423
http://SoCalOChomes.com
Source: “April home prices see biggest yearly gain in seven years: CoreLogic,” Reuters (June 4, 2013) and “U.S. Home Prices In April Jumped Most in 7 Years,” The Associated Press (June 4, 2013)