County’s median home price as of September 2015
was $615,000, an increase of $31,000 year-over-year
from September 2014’s level of $584,000. Despite
the ongoing real estate market recovery in Orange
County, home prices have consistently fluctuated
between $610,000 and $615,000 since April 2015.
While remaining steady, these fluctuations likely
stem from continually shifting economic trends
including the Fed’s looming interest rate hike,
mixed construction employment, and shifting permit
levels. In the future, Orange County may continue
to face a shortage of qualified buyers as a lack
of wage growth and high cost of living keep some
families from purchasing and instead may push
them into other markets or keep them renting.
- Apartment rental rates in Orange County have seen strong year-over-year growth
since 2012 and continue to climb to new heights
in 2015. The Orange County average rental rate
in August 2015 increased slightly to $1,893 –
an increase of $69 compared to the previous August.
On a per-city basis, Huntington Beach and Anaheim
had the highest year-over-year growth ($289 and
$282, respectively) while Irvine saw a large
decline ($590). On a month-to-month basis, Santa
Ana and Anaheim saw the largest increases at
$128 and $116, respectively while Fullerton experienced
the smallest increase at $17.
- Orange County Building permit activity in October 2014 hit landmark highs with
1,892 permits granted during the month. September
2015 experienced a massive increase in new permits
issued, with 1,523 new permits recorded in the
county for the month, an increase of 990 permits
since August 2015 and an increase of 1,035 permits
since September 2014. Irvine represented the
city with the highest amount of new permits recorded
during the month of September 2015 at 859.