- 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. June 2014 saw a milestone increase in the
median reaching $600,000, but July 2014 declined slightly in-line
with previous Julys to a median home price of $585,000 – an increase
of $45,500 since the previous July.
- Average apartment rents for Orange County have spiked with housing price growth,
with an average of $51 higher rents in 2014 compared to the previous
year’s equivalent average. The Orange County average rental rates
in July 2014 are the second highest for the year thus far, increasing
by $29 since the previous month to an average of $1,765 – an increase
of $53 compared to last July. On a per-city basis Fullerton saw
the greatest decline, falling by $149 month-over-month to a July
2014 average of $1,469, while Irvine saw significant growth of
$590 to a July 2014 average of $2,800.
- The number of residential building permits in Orange County receded significantly
in January 2014 but saw ample growth over the following three
months to a 2014 high of 931 permits in April. June 2014 has shown
a significant decline for Orange County to a total of 564 permits.
Irvine returns to leading the county’s permit activity with 43
percent of total permits issued in the county for June 2014. Tustin
was the runner-up claiming 9 percent of permit activity for the
month.
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