- Orange County’s median home
price as of March 2016 was $625,000, an increase
of $15,000 compared to February 2016 and an
increase of $40,000 compared to March 2015
home prices. The housing market, especially
in Orange County, is being watched closely
considering the large fluctuations recently
experienced in home prices as well as due
to both domestic and international economic
concerns. While the housing market continues
to display strength, a rise in interest rates
from the Fed, continued struggles by younger
generations to accumulate their savings and
preponderance for younger generals to favor
rentals could negatively impact the housing
market going into 2016.
- The Orange County average rental
rate in April 2016 increased to $1,920 – an
increase of $29 compared to the previous April
and an increase of $381 compared to the previous
month. On a per-city basis, Anaheim had the
highest year-over-year growth ($662) while
Santa Ana and Irvine saw large declines of
$732 and $375 year-over-year, respectively.
On a month-to-month basis, the average apartment
rent increased in Anaheim increasing by $591,
reaching a total of $2,210 per month as of
April 2016. Irvine also saw an increase in
rents month-over-month, growing by $102.
- Orange County Building permit
activity in October 2014 hit landmark highs
with 1,892 permits granted during the month.
So far, 2016 is experiencing seasonal highs
in building permit activity registering 4,454
permits year-to-date. In April 2016, a total
of 1,518 building permits issued representing
an increase of 909 permits month-over-month
and an increase of 507 buildings permits year-over-year.
Irvine and Anaheim provided the highest amount
of new permits recorded during the month of
April 2016 at 526 and 416, respectively.