OC Homes Still Not a Bargain

According to a recent article featured in the Orange County Register, OC home prices are back to 2002 levels, however “as of March, Realtors peg the median selling price of an Orange County home at $444,520. That’s 2.54 times what the latest reading for all U.S. homes was: $175,200.”    Accounting for the OC Premium (surf, sand & sun) it appears OC home prices would still need to fall another 17% to be considered affordable.  Will this happen or is a market recovery on the way?  Only time will tell. 

To read the full article in the OC Register click here.