Orange County’s collective home values rose by $121 billion to $1.11 trillion as of June 30.
The total value of housing now exceeds $1 trillion in eight US markets: Orange County, Chicago, Phoenix, and Washington D.C. now join Los Angeles, New York, Atlanta and Boston. This doubling in size of this group underscores just how much home prices have skyrocketed in the past 12 months, according to a
Or look at the leap this way: The OC surge equals a 12% one-year jump in value. Among 95 major US markets studied, that was the third-largest percentage gain.$2.5 trillion – up 8% in a year or a $190 billion jump.$1 trillion – up 6% or $53 billion in a year.$987 billion in combined value – up 10% or $88 billion in a year.$703 billion – up 7% or $47 billion.
When supply doesn’t keep up with demand, prices are driven higher. That’s been the story of the US housing market for years, as Americans grapple with one of the most unaffordable housing marketsas more families and remote workers took advantage of dirt-cheap borrowing costs to upgrade their spaces. Then, the Federal Reserve’s aggressive interest rake hike campaign to battle inflation sent mortgage rates surging, significantly adding to the monthly costs that new mortgage holders must pay.
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