Thursday, August 29, 2024 / by Bob Cowan
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 exg ...
Read More
bob cowan, your home sold guaranteed, california, orange county, august 2024
Thursday, August 29, 2024 / by Bob Cowan
The program is a component of the county's larger Housing for All initiative.
Orange County has launched “Ready, Set, Orange,” an innovative initiative aimed at accelerating the construction of affordable housing.
As part of the county’s broader Housing for All program, this new effort provides residents with access to eight pre-designed floorplans—four for Accessory Dwelling Units (ADUs) and four for small single-family homes. The goal is to lower barriers to homeownership by streamlining the permitting process, thereby reducing both costs and construction time.
Carter Gresham, Chief Planner for Orange County, noted that the county invested $10,000 to $15,000 for each floor plan. He explained that this initiative eliminates the need to hire an architect and simplifies the design process.
Gresham explained, "The county covered that expense themselves, so it doesn’t have to come from the wallets and pocketbooks of single-family hog ...
Read More
bob cowan, california, orange county, august 2024
Thursday, August 15, 2024 / by Bob Cowan
In June, home sales in California remained flat for the second month in a row, according to the California Association of Realtors® (C.A.R.). The seasonally adjusted annualized rate of existing single-family home sales was 270,200, a 0.8 percent drop from May's revised figure of 272,410. Compared to June 2023, sales fell by 2.7 percent from 277,690 homes sold.
Sales have stayed below the 300,000 mark for 21 months. Year-to-date, statewide home sales have decreased by 0.5 percent compared to the previous year. This stagnation is primarily due to high mortgage rates exceeding 7 percent during most of May, when many sales were initiated.
Current Trends in the California Housing Market (2024)
California Home Prices
In June, the statewide median home price slightly fell by 0.8 percent from May's $908,040 to $900,720. However, compared to June 2023, this price represents a 7.5 percent increase from $837,850. This marks the 12th consecutive month of annua ...
Read More
bob cowan, platinum living realty, california, southern california, august 2024
Thursday, August 15, 2024 / by Bob Cowan
Realtor.com’s 2024 Midyear National Housing & Economic Forecast offers intriguing insights into the housing market for the remainder of the year. Here’s a summary of the key points and their implications for buyers, sellers, and the broader economy.
2024 Midyear Housing Market Forecast: Essential Insights
Mortgage Rates: A Slight Improvement
Concerns about a potential recession seem to be easing as the economy shows resilience, leading to a slight adjustment in mortgage rate forecasts. The average mortgage rate for 2024 is now projected to be 6.7%, down from the earlier forecast of 6.8%. By the end of the year, rates are expected to drop further to around 6.3%.
What’s causing this dip? Anticipations that the Federal Reserve might begin lowering its Federal Funds rate in 2024, which typically leads to lower mortgage rates.
What does this mean for you? If you’re considering buying a home, this could be a positive development as we move toward e ...
Read More
bob cowan, platinum living realty, california, august 2024
Wednesday, August 14, 2024 / by Bob Cowan
California Rental Market
Last updated August 12, 2024
Source: Zillow Rentals Data
Market Summary
The median rent for all bedrooms and all property types in California is $2,850.
Median Rent
$2,850
Month-Over-Month Change
+$0
Year-Over-Year Change
-$100
Available Rentals
73,218
Median Rental Price over Time
In the last year, rent has decreased by $100 compared to the previous year.
JanFebMarAprMayJunJulAugSepOctNovDec$2,730$2,800$2,870$2,940$3,010
• This year (2024) • Last year (2023)
Price Range
The price range for all bedrooms and all property types is $200 to $350,000.
$500$900$1,400$2,000$2,600$3,200$3,800$4,400$5,000+030006000900012000
• Rental Properties
Frequently Asked Questions
1. What is the average rent in California?
The median rent in California is $2,850.
2. How me ...
Read More
bob cowan, platinum living realty, california, orange county, southern california, august 2024
