- Housing prices have
tremendously appreciated year-over-year and have surpassed all
median home prices for the County since 2008, closing out 2013
at five-year highs. After a slight dip in January 2014, median
prices resumed growth in March 2014, with a median home price
of $580,000. This is the highest for the year thus far, with an
increase of $13,000 since February 2014 and a $75,000 increase
compared to the previous March.
- Average apartment rents for Orange County have spiked with housing price growth,
typically $60 more on average for 2013 each month compared to
the previous year’s equivalent average. After February 2014’s
large spike, average rental rates in March have declined to an
average of $1,722 – a decrease of $50 versus February 2014 but
an increase of $71 compared to last March.
- The number of residential building permits in Orange County receded significantly
in January 2014 but saw ample growth in February 2014. Orange
County Permits increased to 802 in February, an increase of 288
since the previous month and showing healthy year-over-year growth.
Despite typically being the primary growth driver in previous
months, Irvine comprised only 17 percent of permit activity in
Orange County; the city of Orange led permit expansion in February
2014, accounting for 42 percent of activity.