The OC Housing News published its monthly housing market report, covering resale home prices and rental rates across Southern California.
Irvine, CA -- (SBWIRE) -- 01/04/2016 -- Historically, properties in this market sell at a 9.5% discount. Today's discount is 14.2%. This market is 4.7% undervalued.
Median home price is $507,300 with a rental parity value of $589,300. This market's discount is $82,000.
Monthly payment affordability has been improving over the last 3 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis increased from $407/SF to $409/SF. Resale prices have been rising for 10 month(s).
Over the last 12 months, resale prices rose 5.4% indicating a longer term upward price trend.
Median rental rates increased $8 last month from $2,633 to $2,641. The current capitalization rate (rent/price) is 5.0%.
Rents have been rising for 12 month(s). Price momentum signals rising rents over the next three months.
Market rating = 7
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Shevy Akason, exclusive agent for readers and clients of the OC Housing News. The OC Housing News provides entertaining and insightful real estate news coverage, advanced property search, and property analysis displaying the cost of ownership for every property on the multiple listing service.
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