May072016

Orange County Housing Market Report: May 2016

1wpa60dd874Orange County Housing Market Report: May 2016

Historically, properties in this market sell at a 0.6% premium. Today’s discount is 6.3%. This market is 7.0% undervalued.

Median home price is $601,600 with a rental parity value of $647,100. This market’s discount is $45,500.

Monthly payment affordability has been improving over the last 3 month(s). Momentum suggests improving affordability.

Resale prices on a $/SF basis increased from $397/SF to $398/SF. Resale prices have been rising for 11 month(s).

Over the last 12 months, resale prices rose 5.5% indicating a longer term upward price trend.

Median rental rates increased $21 last month from $2,740 to $2,761. The current capitalization rate (rent/price) is 4.4%.

Rents have been rising for 12 month(s). Price momentum signals rising rents over the next three months.

Market rating = 8