The data: For the fourth month in a row, Orange County has led a list of home-price gains across 30 U.S. cities.

The source: My reliable spreadsheet reviewed the June homebuying report from First American Data and Analytics.

Brief analysis: Over the past year, Orange County’s home values have risen by 10.2%. Miami followed with an 8.9% increase, and Pittsburgh saw a 6.5% rise. The slowest markets among the 30 were Austin, Texas, with a 1.9% drop, Alameda/Contra Costa counties with a 0.5% gain, and Sacramento with a 0.9% increase.

In Orange County, affluent buyers are driving up prices due to a limited number of homes available, particularly in the higher-end market segment.

This report provides a detailed analysis of key price segments, revealing a significant disparity in Orange County between lower and higher-end homes. Starter homes, the most affordable category, saw a 6.1% increase over the year (ranked 7th out of 30), while luxury properties experienced a 13% rise (ranking 1st).

In other parts of California, the trends vary significantly…

San Diego County saw an overall 6.2% increase over the year (ranking 5th out of 30). Starter homes rose by 3% (ranked 22nd), while luxury properties experienced an 8% gain (ranked 3rd).

Inland Empire: Overall, there was a 3.3% increase (ranking 18th), with starter homes rising by 5.1% (ranked 13th) and luxury properties up by 4.3% (ranked 12th).

Sacramento: Overall home prices increased by 0.9% (ranking 28th), with starter homes up just 0.1% (ranked 29th) and luxury homes rising by 1.5% (ranked 26th).

Alameda/Contra Costa: There was a 0.5% increase overall (ranking 29th), with starter homes growing by 1.3% (ranked 28th) and luxury homes up by 1.4% (ranked 27th).

Highs and Lows:

The report indicates that buyers are paying more across all price ranges. Out of the 30 cities analyzed, 16 saw greater price increases for luxury homes compared to starter homes, including four of the six California cities.

Price changes by category:

Starter Homes: The largest gains were in Pittsburgh (12.2%), St. Louis (12%), and New York (8.2%). The smallest increases were in Austin (down 1.3%), Sacramento (up 0.1%), and Alameda/Contra Costa (up 1.3%).

Luxury Homes: The highest increases were in Orange County (13%), Miami (8.8%), and Las Vegas (8%). The smallest gains were in Austin (0.2%), New York (0.7%), and Portland (1.2%).

#CaliforniaHomePrice #HomePriceJuly2024 #OrangeCountyHousing #RealEstateCA #HomePrices2024 #Affordability #HousingMarket #PropertyMarket #HouseHunting #Homebuying #Renting #RealEstateTrends #CaliforniaLiving