According to a recent report from Redfin, U.S. home prices are up 9% for the most affordable houses. However, Orange County affordable homes, along with San Jose, are telling a slightly different story. Orange County was one of only two metros that saw dropping prices and rising inventory for the most affordable homes. Coming off of an extreme seller’s market, Orange County saw prices for the most affordable third of homes drop 2.6% year-over-year in June to an average of $449,390.
This accounts for a very small portion of homes for sale on the Orange County market, but presents the perfect opportunity for first-time buyers and investors to take advantage. Home prices in the affordable range have dropped four of the last five months, but it won’t last long with prices rising across the country according to July 2019 data. If you’ve been waiting for a good time to buy – this is it! Inventory of affordable homes was up 24.5% in Orange County since summer 2018 as well. But you’ve got to act fast, affordable homes fly off the market quickly.
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