The Orange County housing market soared yet again in the third quarter of 2018, with prices exploding upward. With inventory still very low, and demand high, house prices rose 14% on average, 8% at the median, and 12% in the price‑per‑square‑foot, while condo prices were up 17% on average, 12% at the median, and 14% in the price‑per‑square‑foot. More importantly, after years of frustrating stagnation, we’re finally seeing sustained appreciation trends in Orange County. This was the ninth straight quarter of rising house prices, culminating in a rolling year where prices were up 8% on average, 9% at the median, and 8% in the price‑per‑square‑foot. And we saw the same thing in condos, with the full-year prices up 12% on average, 14% at the median, and 10% in the price‑per‑square‑foot. Going forward, we believe that lack of inventory will continue to hold sales down, but will still drive meaningful price appreciation through the end of 2018 and into next year.
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