It’s summertime, and the housing market is red hot.
As it has been for months.
So far, 2017 is one of the strongest years since the recovery began in 2012.
At mid-year, consumer confidence, job growth, low mortgage rates and a shortage of available homes has created great demand and a boom in sales. But many buyers have faced tough competition.
“The first half of 2017 was blazing hot due to a lack of inventory and interest rates that dipped back down to historically low levels,” said Steve Thomas, author of ReportsOnHousing.com. “The lack of supply has fueled quite a bit of appreciation and buyers continue to be frustrated.”
The region is tearing through its limited housing supply quickly, noted Andrew LePage, a researcher at real estate data firm CoreLogic. “Tight inventory remains the primary driver of price gains,” he said.
For the remainder of the year we’ll see more of the same, Thomas predicted: A below-average housing supply and low-interest rates.
But, he added, “Demand will seasonally soften and appreciation will slow.”
Here’s our by-the-numbers mid-year roundup.
Berkshire Hathaway CEO Warren Buffet put his six-bedroom house in Laguna Beach’s Emerald Bay on the market in February. “For the first time in nearly 50 years the legendary ‘Oracle of Omaha’s’ home (at) 27 Emerald Bay is now available!” said the listing by Bill Dolby of Villa Real Estate. Buffett, 86, has owned the ocean-view, 3,588-square-foot home since 1971, when he paid $150,000 for it. The house, built in 1936, was used for family vacations. It’s still for sale.
The Irvine Co.’s Villas Fashion Island in Newport Beach debuted as Orange County’s most luxurious apartment community, with 524 apartment units spread over seven buildings beyond a guard-gated entrance along San Joaquin Hills Road. The priciest unit, a…