Orange County:Outside The City With Double The Value

The sun is looking brighter in southern California these days because Orange County’s median home prices increased for the seventh month in a row, according to the Press Enterprise. Increasing by 26 percent, the median price for a home in this valuable area is going to cost prospective buyers a pretty penny – about $539,000.

Even though Orange County is outside of Los Angeles, homes in the OC sold at two times the rate as the “City of Angels” at 42 percent in July. The only county that was in the running of a demand that high was Ventura at 29 percent, which is about an hour away from LA.

“July sales came in very strong, and we think a lot of the increase in activity can be chalked up to a rising inventory of homes for sale,” John Walsh of DataQuick, a research firm, told the source. “The jump in mortgage rates a couple of months back might have spurred more buying, too.”

While other parts of the United States are consistently seeing a shortage of available properties, all six counties in southern California saw an increase of inventory. Each community saw a 7.8 percent jump in the value of homes while contractors built 8.4 percent more houses in Orange County, the Los Angeles Times reports.

Potential buyers who are looking into making the OC their home should be prepared to bid high, even though reports are saying that September might be slower than the summer months. Real estate agent Blair Newman told the Times he saw a home get six offers within a week with the person who bid $15,000 above the asking price winning the prized property.