The OC Housing News published its monthly housing market report, covering resale home prices and rental rates across Southern California.
Irvine, CA -- (SBWIRE) -- 01/29/2016 -- Historically, properties in this market sell at a 25.7% discount. Today's discount is 31.4%. This market is 5.7% undervalued.
Median home price is $279,600 with a rental parity value of $407,600. This market's discount is $128,000.
Monthly payment affordability has been worsening over the last 2 month(s). Momentum suggests worsening affordability.
Resale prices on a $/SF basis declined from $184/SF to $184/SF. Resale prices have been falling for 3 month(s).
Over the last 12 months, resale prices rose 7.2% indicating a longer term upward price trend.
Median rental rates declined $9 last month from $1,812 to $1,803. The current capitalization rate (rent/price) is 6.2%.
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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