The April Dataquick home values report is out for Orange County (OC). Over the past 12-months, home values have decreased as follows: condos have dropped 3.0% settling at $279,000; resale homes 2.1% at $485,000, and the median sale value for all OC homes is $420,000; posting a 2.3% decrease in total year-to-year. If we look at last month’s numbers, the median for all homes sold in the OC was only $400,000. So, month-to-month, the OC has seen a $20,000 increase to its median or a 5% increase in home values in just one month! Now that’s some good news.
Here in sunny Anaheim Hills, North Orange County, California the news is even more upbeat. Median home values, for all homes sold, in the 92808 and 92807 zip codes has increased 17% over the past 12-months – coming in at a $422,500 median. That’s also great news.
With interest rates inevitably on the rise, major uncertainties in Europes financial system, as well as, a “recession” looming in China, this Realtor continues to project net decreases in OC home values for 2012. Most likely, we will not see these decreases until after the Presidential election as our current administration will do everything physically possible to keep interest rates at record lows and money cheap.