Orange County reports highest property rates
The United States property market is recovering from the horrors of financial crisis. Huge bubble in the real estate burst and destroyed entire economy back in 2008. As the wedges are increasing and unemployment rate is lowest in last few year, people are trying to buy the property. The disposable incomes are being invested back into the real estate causing increased rates in the sector. The Orange County is good example of the same.
The California country has witnessed the growth of booming housing market where home prices increased by around 7 percent and sale are all time high since last 21 month. All these overwhelming indicators have created a local record for the industry, as per the data by the CoreLogic’s monthly housing report. The price at the midpoint of all transactions also known as median price has reached $600,000. The property prices have reached second time this high after the housing market crash. Low inventory and highest buyer demand in last two year has resulted in the growth rate of 4.2 percent and a tight market for the business.
During the June 2007, the median home price was $645,000, a record high for Orange County, as per the data by CoreLogic. The prices were below $600,000 for last seven years. Monthly sales are highest since July 2013, with aroud 3497 homes changing their owners in the month of April. Estate Agent Julie Boynton from Seven Gables Real Estate based in Tustin informed that its best time to sell as market has become very dynamic. The agents are happy with single digit growth rates as it avoids the risk of another housing bubble.