- 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. May 2014 saw even more significant increases
in the median, rising by $19,000 to a price of $595,000. This
is the highest median home price since August 2007, and an increase
of $55,000 over the previous May.
- Average apartment rents for Orange County have spiked with housing price growth,
typically $72 more on average for 2014 each month compared to
the previous year’s equivalent average. The average rental rates
in May 2014 are the second highest for the year thus far, increasing
since the previous month to an average of $1,729 – a boost of
$38 versus April 2014 and an increase of $63 compared to last
- 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 931 in April, growing by 103 since
the previous month, and showing healthy year-over-year growth.
Irvine comprised the majority of permit activity in the county
once again with 66 percent of the county’s permits – Lake Forest
was the closest runner-up with 9 percent.