Aug222015
Riverside County Housing Market Report: August 2015
Historically, properties in this market sell at a 18.5% discount. Today’s discount is 22.2%. This market is 3.6% undervalued.
Median home price is $305,200 with a rental parity value of $387,400. This market’s discount is $82,200.
Monthly payment affordability has been worsening over the last 3 month(s). Momentum suggests worsening affordability.
Resale prices on a $/SF basis increased from $170/SF to $171/SF. Resale prices have been rising for 5 month(s).
Over the last 12 months, resale prices rose 3.8% indicating a longer term upward price trend.
Median rental rates increased $22 last month from $1,733 to $1,755. The current capitalization rate (rent/price) is 5.5%.
Rents have been rising for 12 month(s). Price momentum signals rising rents over the next three months.
Market rating = 8
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Larry can you confirm this?
http://www.ocregister.com/lansner/percent-678417-price-year.html
Seems like more expensive areas cooling down based on what this article says. Newport beach and Newport coast having negative median sales prices???
I don’t doubt their numbers are correct, but the raw median is pretty useless due to its volatility. It could easily show the opposite next month. I far prefer Y-o-Y changes in the $/SF measure to get a more accurate indication of where prices are trending.
You can download the OC report here: http://ochousingnews.g.corvida.com/orange-county-housing-market-report-august-2015/
Nearly everything is green, other than perhaps the valuation metrics, which are mixed.
The beach communities continue to do well despite their overvaluation.