The July Dataquick home values report is out for Orange County (OC). Over the past 12-months, the median value for all homes sold in the OC has increased 2.9% to $450,000. That’s down $5,000 from June’s total.
More specifically, condos have increased 7.5% to $300,000, up $5,000 from last month, and resale homes have increased 2.8% to $515,000 – which is dead even with last month’s value for resale homes.
Here in sunny Anaheim Hills, North Orange County, California the news is not as encouraging. Median home values, for all homes sold, in the 92808 and 92807 zip codes has decreased 6.3% over the past 12-months – coming in at a $431,200 – $40,800 less than last month’s median for Anaheim Hills.
All in all, it’s great news for SoCal. But, with interest rates inevitably on the rise, major uncertainties in Europe’s financial systems, as well as, a “recession” looming in China, this Realtor continues to project decreases in OC home values from now on thru the spring of 2013. Most likely, we will not realize significant decreases until after the Presidential election as our current administration will do everything physically possible to keep interest rates at record lows.