Orange County Home Prices Rose Faster in 2013 Than Any Year Since 2004!

 

CoreLogic reported Tuesday.

A new report from Irvine-based real estate tracker shows single-family home prices jumped 19.7 percent during the 12 months through December.

That’s the highest year-ending appreciation rate for the county since December 2004, when CoreLogic recorded gains of 22.9 percent.

On the other hand, appreciation rates have moderated somewhat since this past year’s peak of 23 percent annual gains in August, and they are forecast to drop back into the single digits this year.

“We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” CoreLogic chief economist Mark Fleming said.

Soaring demand and bidding wars drove up home prices last year. Low numbers of homes were offered for sale, while at the same time investors were buying heavily and renewed confidence in the market boosted home buying among owner-occupants.

Nationwide, house prices increased 11 percent in December from December 2012 levels. That’s the highest national rate of annual increases since 2005. Nevada had the nation’s highest appreciation rate at 23.9 percent.

 

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