Introduction: Housing Market General Overview: Why Are You Afraid To Buy?

Introduction:
Housing Market General Overview

Throughout my posts on the IHB, I make references to what I believe is happening in our local housing market. The IHB serves as a valuable market resource to people considering buying Irvine and Orange County real estate. The message for the rst nearly 5 years has been simple: don't buy a home yet. Over the last couple of years as the plethora of market props have been removed, the message has evolved to the more nuanced advice: buy below rental parity if you have a long holding Qme. That advice will remain our mantra over the next few years unQl condiQons in the market change. Why are you afraid to buy? If you have been reading the IHB regularly, you have a raQonal fear to buy local real estate. Prices are falling. Prices will conQnue to fall for a while. People who buy today might be trapped underwater and unable to sell their homes without taking a signicant loss. Further today's buyers may miss the opportunity to buy later at a lower price. These are not foolish fears, they are legiQmate reasons to delay the purchase of a home anywhere in Orange County. Why will prices keep falling? There are ve primary factors which will impact the balance of supply and demand in our local market: 1. High mortgage delinquency rates translates to a large shadow inventory (supply). 2. Large REO inventory of lender owned properQes withheld from the market (supply). 3. High unemployment has diminished the buyer pool (demand). 4. Weak California economy has diminished employment and wage growth (demand). 5. Higher future interest rates will lower aggregate loan balances (demand). Each of the above factors will contribute to either increased supply or reduced demand. The existence of these factors is not conjecture. They are very real. The way each of them impacts the market is uncertain, but each of them will serve to pressure prices lower over the next several years. What will cause prices to eventually go up? Kool aid and the memories of the rewards of the housing bubble are part of our culture. There will always be plenty of desire for California real estate. Even as prices have fallen steadily for the last 5 years, hope springs eternal, every buyer believes they are buying at the bo_om, and most believe unlimited wealth and HELOC spending money is just around the corner. There are several factors beyond kool aid intoxicaQon which will serve to reverse the fall of prices and cause real estate prices to rise again: 1. Current interest rates are very low. 2. Payment aordability is relaQvely high. 3. The economy and the employment situaQon will improve. 4. Supply pressures will abate. Even neighborhoods which have not historically traded below rental parity are trading below their historic level of payment aordability. On a payment basis, prices in many neighborhoods are similar to what they were in the late 90s and early 00s before the bubble mania took over.
Ideal Home Brokers sales@idealhomebrokers.com 1 of 26 October 2011 Shevy Akason 949-769-1599
The California economy has been spu_ering as it weans itself o the Ponzi borrowing money of the 00s. The transiQon has been dicult and painful which is why the economy is sQll so weak. A signicant porQon of the false demand of the 00s will never return. When the economy and employment nally picks up, wages will increase, and new households will form. The higher wages will increase the amounts borrowed, and the new households will increase the numbers of loans demanded. Both factors are essenQal to a housing market recovery. At some point, the overhead supply of shadow inventory and visible REO inventory will be liquidated. This will likely take several years as lenders sell into any price rallies to recover their capital. There are many ways this could play out. Lenders hope consistently rising prices will allow them to sell their inventory for the prices they want, and this liquidaQon will be easily absorbed by the market. I think that scenario is wishful thinking by lenders. The inventories are simply too large for it to work out that way. If lenders can hold their REO indenitely, they can meter out this inventory over the next decade or more, but I doubt all the banks will be that paQent. As some lenders hasten their liquidaQons (like the GSEs are now), the resulQng sales will push prices lower. As lenders capitulate one-by-one, the collapsing cartel causes brief seasonal rallies followed by deep seasonal drops. This yearly cycle will see consistent year-over-year declines similar to what has occurred in 2011. I believe this is the most likely scenario. Declines in the liquidaQon phase of a bubble are not as steep as the rst phase when the credit crunch forces lenders to abruptly decrease loan balances, but as was demonstrated in Japan, the liquidaQon phase results in slow but steady declines in prices unQl the inventory is purged from the system. Let's hope our liquidaQon phase is not as protracted as Japan's.
Ideal Home Brokers sales@idealhomebrokers.com 2 of 26 October 2011 Shevy Akason 949-769-1599
What will the bo9om look like? The double dip will be the nal decline, and I don't believe it will be that severe (expect perhaps at the high end). That being said, the bo_om will be dicult to Qme. First, it's impossible to predict what foolish policies may emanate from Washington. With our current state of gridlock, I have some hope that nothing substanQve will emerge from the bowels of government. Any government policy would likely have the eect of delaying the market bo_om. Housing markets nearly always exhibit a seasonal pa_ern of spring rallies and fall pullbacks with the low for the year in early January. This seasonal pa_ern will conQnue, but the spring rallies will be weaker, and the fall pullbacks will be more pronounced. The inventory is oeen reduced in fall in winter, but the sellers who remain are usually more moQvated as many of them missed the prime selling season. Due to the overhanging inventory, this seasonal pa_ern with a slightly lower bias will persist for 3 to 5 years. The two or three years following will show the same pa_ern but with a slightly upward bias. The bo_om will form slowly for the reasons listed previously: inventory overhand, rising interest rates, persistent unemployment, and prudent lending standards. Buyers should not feel a sense of urgency from the fear of being priced out. The window of opportunity will be open for years to buy during this liquidaQon-bo_oming phase. Larry Roberts aka Irvine Renter
Ideal Home Brokers sales@idealhomebrokers.com
3 of 26 October 2011
Shevy Akason 949-769-1599
Table of Contents
Page 5 8 9 9 10 10 11 11 12 12 12 13 Contents The importance of rental parity and how its calculated Overview of Irvine housing market by zip code House prices relative to rental parity for conventional buyers: Irvine, CA since January 2000 House prices relative to rental parity for conventional buyers: Irvine, CA by zip code House prices relative to rental parity for FHA buyers: Irvine, CA since January 2000 House prices relative to rental parity for FHA buyers: Irvine, CA by zip code Resale $/SF Year-over-Year Percentage Change: Irvine, CA since January 2001 Resale $/SF Year-over-Year Percentage Change: Irvine, CA by zip code Year-over-Year Percentage Change in Rental $/SF: Irvine, CA since January 2001 Year-over-Year Percentage Change in Rental $/SF: Irvine, CA by zip code Irvine Current Months-of-Supply by Zip Code Overview of OC Cities by zip code 13 Aliso Viejo, Anaheim 14 Anaheim, Anaheim Hills 15 Brea, Buena Park, Corona Del Mar, Costa Mesa 16 Coto De Caza, Cypress, Dana Point, Fountain Valley, Fullerton 17 Fullerton, Garden Grove, Huntington Beach 18 Huntington Beach, La Habra, La Palma, Ladera Ranch 19 Laguna Beach, Laguna Niguel, Laguna Woods, Lake Forest 20 Mission Viejo, Newport Beach, North Tustin 21 Orange, Placentia, Rancho Santa Margarita 22 San Clemente, San Juan Capistrano, Santa Ana, Tustin 23 Tustin, Westminster, Yorba Linda IHB team transactions for last 12 months Who is the IHB?
24 26
The importance of rental parity I write frequently about rental parity because it represents the threshold of aordability. When prices are above rental parity, it costs more to own than to rent, so owning is not a wise nancial decision. Owning may sQll be right for people, and many are willing to pay the premium to own to obtain the emoQonal benets of ownership; however, on a purely nancial basis, paying more than rental parity is generally not wise. When prices are below rental parity, it costs less to own than to rent, so owning under these circumstances is generally a wise choice. Since a buyer who pays less than rental parity for a house is saving money, there is a clear nancial benet obtained irrespecQve of uctuaQons in resale price. When the cost of ownership is less than rental parity, an owner is far less likely to be forced to sell at a loss. The property can always be rented to cover costs rather than sell for a loss. Further, this ability to rent and at least break even provides the owner with exibility to move if necessary. Mobility to take a new job or buy a dierent house is denied to those who overpaid and who are stuck paying more in the cost of ownership than they can obtain in rent. With these advantages, buying at a price below rental parity using xed-rate nancing is criQcal. Every buyer should consider rental parity in their buying decision.
How rental parity is calculated Each month I calculate rental parity using aggregate data from the MLS. It requires two data points to make the calculaQon: * Average rental rate * Current mortgage interest rate on 30-year xed-rate loans. I also make some key assumpQons. First, as menQoned previously, I assume a 30-year xed-rate mortgage. It's the only mortgage product which provides sucient payment stability to ensure the property will always be aordable. Second, only a percentage of the rent can be put toward a mortgage payment. It's not as simple as assuming the rent equals the payment. The payment is generally smaller than the actual cost of ownership. The cost of ownership usually includes other costs like HOA dues, Mello Roos, maintenance expenses, and insurance. These costs erode the buying power of the rental payment. There are osets with tax breaks and loan amorQzaQon, but generally, the cost of ownership is bigger than the payment.
Conven>onal nancing There are two assumpQons which change depending on the type of nancing used. A buyer using convenQonal nancing does not pay private mortgage insurance or FHA insurance premiums. This means the cost of ownership is much closer to the actual payment. Or looked at another way, the rent which would be applied to the payment would be higher. When I make these calculaQons, I assume 90% of the rent could go toward making a loan payment. In areas with no HOAs or Mello Roos the assumpQon is too low, but in areas where the HOA and Mello Roos is high, the assumpQon is too high. I take 90% of the aggregate rent as a potenQal loan payment. I calculate the mortgage balance such a payment would service at today's interest rate. The result is the loan component of rental parity. To the loan balance, I add an appropriate down payment. For convenQonal buyers, the down payment applied is 20%. For example, if an area or zip code has an aggregate rent of $2,500 -- a common number in Irvine -- I will assume $2,250 is available to make a mortgage payment. At 4% interest, a $2,250 payment would service an astounding $471,288. If $471,288 were the loan balance, the down payment would be $117,822. The sum of those two is $589,110 which represents the rental parity equivalent of a $2,250 payment applied to a 4% xed-rate mortgage using convenQonal terms. FHA nancing FHA nancing yields very dierent results, so I track both of these separately. The two main dierences are the mortgage insurance and the lesser down payment. With FHA nancing, I assume only 75% of the rent goes toward the loan payment, and the down payment is only 3.5%. In the example above, the $2,500 rent yields only $1,875 toward a loan payment. At 4% interest, a $1,875 payment only services $392,740. Further, a 3.5% down payment means the borrower is only adding $14,244 to the loan balance. The resulQng rental parity for an FHA buyer is only $404,984 instead of the $589,110 for the convenQonal buyer. The added costs and smaller down payments make houses much less aordable for FHA borrowers than they are for convenQonal borrowers. It's the main reason Irvine and other move-up communiQes are maintaining higher prices while those communiQes dominated by FHA nancing are experiencing more serious declines.
Irvine median home price by zip code

Date 11/2010 12/2010 1/2011 2/2011 3/2011 4/2011 5/2011 6/2011 7/2011 8/2011 9/2011 10/2011 92602 92603 92604 92606 92612 92614 92618 92620 Irvine $ 540,307 $ 551,869 $ 574,410 $ 540,024 $ 527,120 $ 513,808 $ 541,324 $ 529,290 $ 540,582 $ 522,291 $ 547,916 $ 482,875 92602 $ 565,667 $ 516,667 $ 600,000 $ 515,867 $ 517,533 $ 539,200 $ 576,333 $ 589,667 $ 525,500 $ 539,500 $ 561,167 $ 625,000 92603 $ 771,667 $ 876,667 $ 900,000 $ 828,333 $ 700,000 $ 676,667 $ 841,667 $ 821,667 $ 808,333 $ 651,667 $ 775,000 $ 720,000 92604 $ 506,667 $ 518,333 $ 485,333 $ 493,333 $ 480,000 $ 516,333 $ 500,000 $ 453,000 $ 447,333 $ 464,667 $ 481,667 $ 460,000 92606 $ 487,000 $ 518,333 $ 546,667 $ 512,500 $ 515,767 $ 480,767 $ 504,933 $ 508,333 $ 556,667 $ 530,833 $ 527,500 $ 510,000 92612 $ 427,333 $ 413,333 $ 445,333 $ 420,333 $ 448,333 $ 424,667 $ 434,333 $ 424,667 $ 424,667 $ 441,333 $ 428,000 $ 368,000 92614 $ 490,000 $ 487,000 $ 517,000 $ 451,667 $ 436,333 $ 431,333 $ 403,333 $ 413,333 $ 398,333 $ 432,667 $ 452,667 $ 425,000 92618 $ 468,953 $ 471,950 $ 495,117 $ 491,330 $ 504,667 $ 435,667 $ 457,333 $ 437,667 $ 549,333 $ 525,997 $ 548,997 $ 320,000 92620 $ 605,167 $ 612,667 $ 605,833 $ 606,830 $ 614,330 $ 605,830 $ 612,656 $ 585,989 $ 614,489 $ 591,667 $ 608,333 $ 435,000
West Irvine, North Park Turtle Rock, Turtle Ridge, Shady Canyon, Quail Hill North Woodbridge, Deerfield, El Camino Real, The Colony, The Ranch, Heritage Park, Greentree, The Willows, others North Westpark, College Park, Walnut, Harvard Square, Windwood University Park, Rancho San Joaquin, University Town Center, Jamboree Condos, Airport Area South Woodbridge, South Westpark Oak Creek, Orangetree, Portola Springs Northwood, Woodbury, Woodbury East, Stonegate
7 of 26 October 2011 Shevy Akason 949-769-1599
Overview of Irvine housing market by zip code

City of Irvine $ (59,302) Conventional buyers: House prices relative to rental parity $ 119,079 FHA buyers: House prices relative to rental parity -8.6% Resale $/SF Year-over-Year Percentage Change 2.8% Rental $/SF Year-over-Year Percentage Change 92602 $ (29,367) $ 157,544 -16.1% 0.4% 92603 $ 74,189 $ 272,470 -21.3% 5.1% 92604 $ (103,539) $ 73,395 -8.5% 5.7% 92606 $ (78,630) $ 107,297 2.3% 4.6% 92612 $ (91,306) $ 64,430 -9.5% 4.2% 92614 $ (128,416) $ 46,316 -6.6% 4.1% 92618 $ (76,730) $ 90,747 -1.1% -2.9% 92620 $ (40,614) $ 140,431 -7.5% 1.0% West Irvine, North Park Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Turtle Rock, Turtle Ridge, Shady Canyon, Quail Hill Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change $ 482,875 $ 274 $ 2,415 4.55% Median Sale Price Average resale $/SF Median Rent Capitalization Rate
$ 625,000 $ 274 $ 2,500 4.19%
Median Sale Price Average resale $/SF Median Rent Capitalization Rate
$ 720,000 $ 262 $ 2,875 4.26%
North Woodbridge, Deerfield, El Camino Real, The Colony, The Ranch, Heritage Park, Greentree, The Willows, others Conventional buyers: House prices relative to rental parity $ 460,000 Median Sale Price FHA buyers: House prices relative to rental parity $ 293 Average resale $/SF Resale $/SF Year-over-Year Percentage Change $ 2,500 Median Rent Rental $/SF Year-over-Year Percentage Change 4.71% Capitalization Rate North Westpark, College Park, Walnut, Harvard Square, Windwood Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 510,000 $ 284 $ 2,295 4.15%
University Park, Rancho San Joaquin, University Town Center, Jamboree Condos, Airport Area Conventional buyers: House prices relative to rental parity $ 368,000 Median Sale Price FHA buyers: House prices relative to rental parity $ 252 Average resale $/SF Resale $/SF Year-over-Year Percentage Change $ 1,950 Median Rent Rental $/SF Year-over-Year Percentage Change 5.42% Capitalization Rate South Woodbridge, South Westpark Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Oak Creek, Orangetree, Portola Springs Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Northwood, Woodbury, Woodbury East, Stonegate Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 425,000 $ 289 $ 2,500 4.58%
$ 320,000 $ 271 $ 2,200 4.75%
$ 435,000 $ 268 $ 2,500 4.33%
House prices relative to rental parity for conventional buyers: Irvine, CA since January 2000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
-$50,000
House prices relative to rental parity for conventional buyers: Irvine, CA by zip code since January 2000
Date 11/2010 1/2011 2/2011 3/2011 4/2011 5/2011 6/2011 7/2011 8/2011 9/2011 10/2011 92602 92603 92604 92606 92612 92614 92618 92620 Irvine $ 1,991 $ 38,368 $ 60,393 $ 61,080 $ 42,731 $ 32,560 $ 17,943 $ 10,791 $ (14,107) $ (26,087) $ (59,302) 92602 $ 26,002 $ 5,857 $ 9,029 $ 15,581 $ 2,495 $ 18,955 $ 36,148 $ 15,878 $ (16,970) $ (48,923) $ (29,367) 92603 $ 166,418 $ 267,643 $ 320,260 $ 272,495 $ 199,108 $ 184,355 $ 207,014 $ 240,390 $ 166,516 $ 132,459 $ 74,189 92604 $ (30,199) $ (19,579) $ 821 $ 1,878 $ 19,854 $ 19,688 $ (4,138) $ (50,391) $ (88,581) $ (97,078) $ (103,539) 92606 $ (79,161) $ (15,600) $ 27,978 $ 51,301 $ 35,801 $ 14,518 $ (19,395) $ (23,065) $ (40,297) $ (54,739) $ (78,630) 92612 $ (40,928) $ (40,196) $ (32,991) $ (9,635) $ (3,721) $ 1,970 $ (17,712) $ (35,644) $ (53,818) $ (67,383) $ (91,306) 92614 $ (43,856) $ 20,398 $ 29,440 $ 21,302 $ (11,480) $ (42,804) $ (71,727) $ (99,405) $ (110,862) $ (116,839) $ (128,416) 92618 $ (44,496) $ (4,695) $ 22,214 $ 35,886 $ 8,783 $ (14,919) $ (43,775) $ (8,892) $ 1,744 $ 17,492 $ (76,730) 92620 $ 62,145 $ 93,113 $ 106,394 $ 99,833 $ 91,008 $ 78,717 $ 57,125 $ 47,458 $ 29,410 $ 26,316 $ (40,614)
1/2000 4/2000 7/2000 10/2000 1/2001 4/2001 7/2001 10/2001 1/2002 4/2002 7/2002 10/2002 1/2003 4/2003 7/2003 10/2003 1/2004 4/2004 7/2004 10/2004 1/2005 4/2005 7/2005 10/2005 1/2006 4/2006 7/2006 10/2006 1/2007 4/2007 7/2007 10/2007 1/2008 4/2008 7/2008 10/2008 1/2009 4/2009 7/2009 10/2009 1/2010 4/2010 7/2010 10/2010 1/2011 4/2011 7/2011 10/2011 West Irvine, North Park Turtle Rock, Turtle Ridge, Shady Canyon, Quail Hill North Woodbridge, Deerfield, El Camino Real, The Colony, The Ranch, Heritage Park, Greentree, The Willows, others North Westpark, College Park, Walnut, Harvard Square, Windwood University Park, Rancho San Joaquin, University Town Center, Jamboree Condos, Airport Area South Woodbridge, South Westpark Oak Creek, Orangetree, Portola Springs Northwood, Woodbury, Woodbury East, Stonegate
-$100,000
House prices relative to rental parity for FHA buyers: Irvine, CA since January 2000
$450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0
Date 11/2010 1/2011 2/2011 3/2011 4/2011 5/2011 6/2011 7/2011 8/2011 9/2011 10/2011 92602 92603 92604 92606 92612 92614 92618 92620
1/2000 4/2000 7/2000 10/2000 1/2001 4/2001 7/2001 10/2001 1/2002 4/2002 7/2002 10/2002 1/2003 4/2003 7/2003 10/2003 1/2004 4/2004 7/2004 10/2004 1/2005 4/2005 7/2005 10/2005 1/2006 4/2006 7/2006 10/2006 1/2007 4/2007 7/2007 10/2007 1/2008 4/2008 7/2008 10/2008 1/2009 4/2009 7/2009 10/2009 1/2010 4/2010 7/2010 10/2010 1/2011 4/2011 7/2011 10/2011
House prices relative to rental parity for FHA buyers: Irvine, CA by zip code
Irvine $ 171,136 $ 198,250 $ 213,437 $ 211,361 $ 192,440 $ 185,547 $ 175,672 $ 173,491 $ 154,329 $ 147,972 $ 119,079 92602 $ 207,708 $ 177,413 $ 174,472 $ 179,088 $ 163,782 $ 181,385 $ 200,695 $ 185,281 $ 158,792 $ 133,780 $ 157,544 92603 $ 361,949 $ 447,509 $ 489,699 $ 438,495 $ 364,781 $ 355,963 $ 384,155 $ 420,781 $ 350,165 $ 321,828 $ 272,470 92604 $ 139,588 $ 142,115 $ 154,835 $ 151,615 $ 167,228 $ 167,800 $ 148,558 $ 109,493 $ 79,469 $ 76,553 $ 73,395 92606 $ 96,662 $ 149,159 $ 181,892 $ 197,740 $ 180,241 $ 164,758 $ 140,563 $ 145,849 $ 136,614 $ 128,611 $ 107,297 92612 $ 103,493 $ 104,755 $ 109,011 $ 128,753 $ 130,709 $ 136,083 $ 120,047 $ 107,659 $ 95,825 $ 86,797 $ 64,430 92614 $ 112,428 $ 168,050 $ 170,347 $ 159,503 $ 128,028 $ 101,407 $ 79,055 $ 56,534 $ 51,641 $ 51,565 $ 46,316 92618 $ 112,961 $ 144,740 $ 165,636 $ 178,453 $ 153,602 $ 133,724 $ 106,885 $ 142,697 $ 157,121 $ 179,473 $ 90,747 92620 $ 234,299 $ 252,258 $ 261,604 $ 257,243 $ 251,146 $ 243,255 $ 225,418 $ 219,632 $ 205,001 $ 205,166 $ 140,431
Resale $/SF Year-over-Year Percentage Change: Irvine, CA since January 2001

Date 7/2009 8/2009 9/2009 10/2009 11/2009 12/2009 1/2010 2/2010 3/2010 4/2010 5/2010 6/2010 7/2010 8/2010 9/2010 10/2010 11/2010 12/2010 1/2011 2/2011 3/2011 4/2011 5/2011 6/2011 7/2011 8/2011 9/2011 10/2011 % Change -6.8% -5.4% -4.6% -2.2% -1.1% 1.0% 1.8% 3.2% 4.0% 5.7% 6.1% 5.9% 5.7% 5.9% 5.7% 3.2% -0.4% -2.6% -2.1% -1.0% -1.4% -3.2% -5.1% -6.7% -8.0% -9.8% -9.0% -8.6% 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20%
1/ 20 7/ 01 20 1/ 01 20 7/ 02 20 1/ 02 20 7/ 03 20 1/ 03 20 7/ 04 20 1/ 04 20 7/ 05 20 1/ 05 20 7/ 06 20 1/ 06 20 7/ 07 20 1/ 07 20 7/ 08 20 1/ 08 20 7/ 09 20 1/ 09 20 7/ 10 20 1/ 10 20 7/ 11 20 11
Resale $/SF Year-over-Year Percentage Change: Irvine, CA by zip code

Date 10/2010 12/2010 1/2011 2/2011 3/2011 4/2011 5/2011 6/2011 7/2011 8/2011 9/2011 10/2011 92602 92603 92604 92606 92612 92614 92618 92620 Irvine 3.2% -2.6% -2.1% -1.0% -1.4% -3.2% -5.1% -6.7% -8.0% -9.8% -9.0% -8.6% 92602 5.2% -7.9% -10.5% -13.2% -12.6% -14.2% -11.7% -11.5% -12.8% -17.2% -18.5% -16.1% 92603 16.1% -0.5% -2.8% 4.1% 2.7% -2.3% -8.4% -11.0% -10.7% -17.9% -18.5% -21.3% 92604 7.0% 1.1% -3.5% -6.7% -10.8% -11.6% -10.3% -13.0% -15.6% -17.8% -12.3% -8.5% 92606 -8.0% -10.4% -1.6% 5.0% 6.1% 1.9% -3.0% -3.7% -5.6% -4.5% -3.3% 2.3% 92612 5.4% -5.0% -7.6% -9.5% -8.2% -7.1% -4.4% -4.5% -5.5% -7.9% -7.4% -9.5% 92614 -0.2% 5.0% 3.3% 0.4% -3.3% -4.7% -7.5% -10.3% -11.2% -10.1% -6.7% -6.6% 92618 -0.3% -0.4% 6.1% 10.3% 12.7% 10.1% 2.7% -1.2% -2.3% -0.3% -0.1% -1.1% 92620 0.4% -2.4% -0.1% 1.7% 2.5% 2.7% 1.8% 1.8% -0.5% -2.7% -5.0% -7.5%
Year-over-Year Percentage Change in Rental $/SF: Irvine, CA since January 2001

12/2009 1/2010 2/2010 3/2010 4/2010 5/2010 6/2010 7/2010 8/2010 9/2010 10/2010 11/2010 12/2010 1/2011 2/2011 3/2011 4/2011 5/2011 6/2011 7/2011 8/2011 9/2011 10/2011 -1.7% -0.7% -1.1% -1.9% -2.9% -2.5% -1.0% 1.3% 3.3% 3.7% 3.5% 2.2% 2.4% 2.0% 2.5% 2.3% 4.0% 4.5% 4.7% 3.6% 3.1% 3.0% 2.8%
15.0% 12.5% 10.0% 7.5% 5.0% 2.5% 0.0% -2.5% -5.0% -7.5% -10.0%
Year-over-Year Percentage Change in Rental $/SF: Irvine, CA by zip code

Date 10/2010 12/2010 1/2011 2/2011 3/2011 4/2011 5/2011 6/2011 7/2011 8/2011 9/2011 10/2011 92602 92603 92604 92606 92612 92614 92618 92620 Irvine 3.5% 2.4% 2.0% 2.5% 2.3% 4.0% 4.5% 4.7% 3.6% 3.1% 3.0% 2.8% 92602 10.1% 2.5% -0.8% 0.3% 1.6% 7.5% 8.5% 6.7% 1.6% -0.7% -0.2% 0.4% 92603 -0.3% 0.5% 1.2% 4.4% 5.0% 8.1% 8.5% 6.8% 4.6% 4.2% 6.2% 5.1% 92604 5.6% 3.7% 2.7% 2.3% 2.6% 1.8% 2.3% 2.6% 3.3% 2.3% 2.6% 5.7% 92606 -2.5% -2.0% -0.3% -0.2% 0.0% -0.3% -0.5% -0.3% -0.2% 1.9% 5.5% 4.6% 92612 -0.4% 5.9% 7.4% 5.3% 0.8% -2.0% -0.9% 2.2% 5.2% 5.9% 4.7% 4.2% 92614 5.5% 7.8% 4.2% 2.1% -1.1% 2.9% 6.8% 9.9% 8.3% 7.2% 5.0% 4.1% 92618 10.1% 4.4% 4.3% 7.9% 10.8% 15.0% 12.3% 11.1% 6.7% 4.7% -0.3% -2.9% 92620 -0.4% -3.3% -3.0% -1.8% -1.2% -1.0% -1.2% -1.1% -0.6% -0.6% 0.9% 1.0%
Months Inventory Closings
Irvine 5.3 754 142
1/ 20 7/ 01 20 1/ 01 20 7/ 02 20 1/ 02 20 7/ 03 20 1/ 03 20 7/ 04 20 1/ 04 20 7/ 05 20 1/ 05 20 7/ 06 20 1/ 06 20 7/ 07 20 1/ 07 20 7/ 08 20 1/ 08 20 7/ 09 20 1/ 09 20 7/ 10 20 1/ 10 20 7/ 11 20 11
Irvine Current Months-of-Supply by Zip Code

92602 7.9 71 9 92603 4.8 134 28 92604 2.7 76 28 92606 3.6 40 11 92612 5.5 94 17 92614 8.3 83 10 92618 10.4 104 10 92620 5.2 152 29
Overview of OC Cities by zip code

92656 $ (151,794) $ 7,666 -8.6% 3.3% 92801 $ (133,443) $ (6,656) -11.6% 0.0% 92802 $ (82,660) $ 49,985 -3.8% -1.4% Aliso Viejo Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Anaheim Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Anaheim Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 380,000 $ 240 $ 2,050 4.89%
$ 250,000 $ 187 $ 1,600 5.52%
$ 355,000 $ 196 $ 1,775 3.58%
92804 $ (65,772) $ 51,419 -9.5% 2.2% 92805 $ (139,104) $ (3,147) -8.9% 4.6% 92806 $ (82,424) $ 52,807 -5.3% 14.3%
Anaheim Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Anaheim Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Anaheim Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 319,000 $ 214 $ 1,750 5.12%
$ 285,000 $ 212 $ 1,595 4.06%
$ 310,000 $ 208 $ 2,400 5.35%
Aliso Viejo
Anaheim
92807 $ (57,485) $ 75,704 9.2% -0.5% 92807 $ (57,988) $ 110,497 -7.4% 4.7% 92808 $ (59,991) $ 93,346 -6.8% 4.4%
Anaheim Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Anaheim Hills Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Anaheim Hills Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 370,000 $ 230 $ 1,895 4.81%
$ 460,000 $ 234 $ 2,290 5.10%
$ 345,000 $ 192 $ 2,100 5.88%
92821 $ (121,112) $ 38,961 -2.5% 3.4% 90620 $ (95,981) $ 40,858 -2.2% -3.1% 90621 $ (140,525) $ (3,304) -11.1% 3.1%
Brea Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Buena Park Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Buena Park Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
Buena Park
$ 350,000 $ 223 $ 2,300 4.92%
$ 334,235 $ 236 $ 2,200 5.30%
$ 315,000 $ 171 $ 2,100 5.57% Costa Mesa
92625 $ 600,253 $ 895,932 -2.6% 2.7% 92626 $ (100,562) $ 74,850 -8.0% 4.2% 92627 $ (87,239) $ 71,121 -7.0% 1.1%
Corona Del Mar Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Costa Mesa Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Costa Mesa Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 1,375,000 Median Sale Price
$ 601 Average resale $/SF $ 4,000 Median Rent 2.91% Capitalization Rate
$ 462,000 $ 255 $ 2,500 4.15%
$ 430,000 $ 280 $ 2,175 4.54%
92679 $ 135,382 $ 377,950 3.4% 0.6% 92630 $ (98,276) $ 51,996 -8.3% 7.2% 92624 $ 19,597 $ 153,533 -15.7% 1.4%
Coto De Caza Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Cypress Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Dana Point Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Dana Point
$ 855,000 $ 228 $ 4,300 4.84%
$ 374,900 $ 220 $ 2,350 5.08%
$ 508,000 $ 293 $ 1,900 3.40% Fountain Valley
92629 $ 28,437 $ 203,901 -2.0% 0.7% 92708 $ 5,662 $ 155,603 -2.2% 4.7% 92831 $ (98,875) $ 47,419 -5.3% 6.4%
Dana Point Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Fountain Valley Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Fullerton Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 610,000 $ 308 $ 2,650 4.46%
$ 520,000 $ 298 $ 2,500 4.55%
$ 375,000 $ 230 $ 1,900 4.77%
92832 $ (156,854) $ (12,833) -8.4% 7.1% 92833 $ (196,106) $ (32,737) -4.5% -1.5% 92835 $ (21,337) $ 130,562 -6.6% 1.2%
Fullerton Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Fullerton Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Fullerton Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Fullerton Garden Grove
$ 307,000 $ 196 $ 2,100 5.48%
$ 333,000 $ 230 $ 2,195 4.63%
$ 480,000 $ 223 $ 1,425 3.53%
92840 $ (138,102) $ (1,116) -1.8% 11.9% 92841 $ 35,694 $ 134,614 -3.1% -0.7% 92646 $ (9,999) $ 134,272 -9.7% -4.3%
Garden Grove Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Garden Grove Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Huntington Beach Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 280,000 $ 210 $ 1,350 4.79%
$ 363,000 $ 238 $ 1,095 2.62%
$ 435,000 $ 275 $ 2,000 3.99%
92647 $ (87,710) $ 74,506 -4.7% 12.6% 92648 $ 96,127 $ 276,634 -2.7% 10.0% 92649 $ 111,565 $ 343,838 -6.3% 0.6%
Huntington Beach Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Huntington Beach Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Huntington Beach Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Huntington Beach La Habra
$ 400,000 $ 338 $ 1,895 3.68%
$ 630,000 $ 310 $ 2,500 4.23%
$ 585,000 $ 286 $ 2,400 3.60%
90631 $ (164,187) $ (26,865) -9.7% -4.6% 90623 $ (48,910) $ 108,937 -4.1% -2.1% 92694 $ (208,430) $ (1,267) -5.3% 8.6%
La Habra Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change La Palma Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Ladera Ranch Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 300,000 $ 199 $ 2,100 5.05%
$ 450,000 $ 241 $ 2,595 3.62%
$ 395,000 $ 188 $ 2,695 5.64%
92651 $ 445,833 $ 670,484 -4.6% 11.3% 92653 $ (100,328) $ 57,486 -0.4% 5.3% 92677 $ (122,967) $ 51,591 -9.0% 0.4%
Laguna Beach Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Laguna Hills Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Laguna Niguel Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Laguna Beach Lake Forest
$ 460,000 $ 178 $ 2,350 6.47%
$ 405,000 $ 207 $ 2,500 5.81%
92637 $ (181,549) $ (84,511) -4.8% -0.1% 92610 $ (88,180) $ 33,888 -0.4% 6.0% 92630 $ (104,640) $ 43,127 -3.8% 2.1%
Laguna Woods Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Lake Forest Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Lake Forest Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 132,000 $ 121 $ 1,400 9.38%
$ 300,000 $ 223 $ 1,850 5.69%
$ 355,000 $ 228 $ 2,200 5.46%
92691 $ (129,987) $ 35,396 -6.1% 5.7% 92692 $ (141,440) $ 37,016 -5.9% 0.3% 92660 $ 160,916 $ 414,850 -7.3% -3.8%
Mission Viejo Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Mission Viejo Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Newport Beach Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Mission Viejo
$ 410,000 $ 254 $ 2,300 5.03%
$ 395,500 $ 213 $ 2,340 5.53%
$ 849,900 $ 380 $ 3,995 3.86% Newport Beach
92663 $ (17,604) $ 198,784 -5.3% 9.1% 92657 $ 446,229 $ 790,555 3.5% 5.8% 92705 $ (9,471) $ 205,227 -6.5% 6.0%
Newport Beach Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Newport Coast Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change North Tustin Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 570,000 $ 303 $ 2,700 5.15%
$ 600,000 $ 225 $ 2,500 4.20%
92865 $ (43,835) $ 98,015 0.1% 6.3% 92867 $ (120,290) $ 55,708 -6.9% 1.6% 92869 $ (79,147) $ 77,124 3.1% 1.4%
Orange Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Orange Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Orange Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Orange
$ 435,000 $ 250 $ 2,495 5.64%
$ 402,000 $ 195 $ 2,195 4.57%
$ 430,000 $ 239 $ 1,900 4.52% Rancho Santa Margarita
92870 $ (128,325) $ 39,120 -10.2% 0.0% 92679 $ (131,901) $ 94,369 -4.3% -2.0% 92688 $ (127,385) $ 19,170 -8.5% 3.4%
Placentia Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Rancho Santa Margarita Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Rancho Santa Margarita Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 399,900 $ 225 $ 2,275 4.62%
$ 680,000 $ 271 $ 3,700 3.44%
$ 360,000 $ 210 $ 1,750 5.50%
92672 $ 194 $ 148,940 -2.5% 4.4% 92673 $ (45,635) $ 161,591 -5.2% -2.8% 92675 $ (115,483) $ 45,581 6.6% 14.2%
San Clemente Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change San Clemente Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change San Juan Capistrano Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change San Clemente Santa Ana
$ 475,000 $ 338 $ 1,850 3.40%
$ 595,000 $ 229 $ 2,850 4.61%
$ 465,000 $ 193 $ 2,400 5.77%
92701 $ (88,300) $ (10,558) 2.9% 2.4% 92704 $ (88,509) $ 25,829 -0.4% 9.6% 92780 $ (213,163) $ (56,268) -6.9% 10.6%
Santa Ana Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Santa Ana Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Tustin Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 125,000 $ 121 $ 795 8.78%
$ 290,000 $ 226 $ 1,795 5.22%
$ 365,000 $ 236 $ 1,650 4.97%
92782 $ (101,342) $ 67,381 -10.8% 5.0% 92683 $ (101,654) $ 49,415 -7.1% 15.2% 92886 $ (4,392) $ 172,998 -6.0% 2.7%
Tustin Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Westminster Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Yorba Linda Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change Tustin
$ 436,250 $ 214 $ 2,400 5.84%
$ 395,000 $ 233 $ 2,100 4.55%
$ 530,000 $ 244 $ 2,750 4.11% Yorba Linda
92887 $ (91,456) $ 100,669 -6.7% 6.2%
Yorba Linda Conventional buyers: House prices relative to rental parity FHA buyers: House prices relative to rental parity Resale $/SF Year-over-Year Percentage Change Rental $/SF Year-over-Year Percentage Change
$ 390,000 $ 177 $ 2,200 4.89%
Transactions for last 12 months from the IHB team
Who is the IHB?
The IHB began as the Irvine Housing Blog in September of 2006. The IHB became known for its integrity, honesty and bluntness concerning the real estate market. The scope of the IHB expanded in May of 2009 when Ideal Home Brokers was added to its acronym. It is unclear whether Ideal Home Brokers are brokers nding ideal homes or ideal brokers nding homes; we will let you decide. The mission of the IHB is (1) to provide general real estate educaQon, (2) to analyze and report market condiQons, and (3) to help people buy and sell homes. In order to achieve our mission, we perform the following services: (1) provide real estate instrucQon and evaluaQon; (2) supply unique property valuaQon reports to our clients; and (3) facilitate real estate sales without pressure, manipulaQon, or emoQonal appeals.
Larry Roberts -- Irvine Housing Blog larry@idealhomebrokers.com Lic. 01868521 CredenQals: * Master of Science in Land Development - Texas A&M University 1994 * Bachelors of Science - University of Wisconsin at Stevens Point 1992 * Primary writer for the Irvine Housing Blog * Author of The Great Housing Bubble Shevy Akason -- Evergreen Realty - The IHB Group sales@idealhomebrokers.com Lic. 01836707 CredenQals: * Bachelor of Arts- Claremont Mckenna College 2003 * Real Estate investor since 2004 * Academic All American- NDSCS 2001 * Associates Degree- NDSCS- Business AdministraQon 2001

Introduction: Housing Market General Overview: Why Are You Afraid To Buy?

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Introduction: Housing Market General Overview: Why Are You Afraid To Buy?

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Introduction:

Housing Market General Overview

Ideal Home Brokers sales@idealhomebrokers.com

Shevy Akason 949-769-1599

Ideal Home Brokers sales@idealhomebrokers.com

Shevy Akason 949-769-1599

Ideal Home Brokers sales@idealhomebrokers.com

Shevy Akason 949-769-1599

Ideal Home Brokers sales@idealhomebrokers.com

Shevy Akason 949-769-1599

Irvine median home price by zip code

Ideal Home Brokers sales@idealhomebrokers.com

Overview of Irvine housing market by zip code

$ 625,000 $ 274 $ 2,500 4.19%

$ 720,000 $ 262 $ 2,875 4.26%

$ 510,000 $ 284 $ 2,295 4.15%

$ 425,000 $ 289 $ 2,500 4.58%

$ 320,000 $ 271 $ 2,200 4.75%

$ 435,000 $ 268 $ 2,500 4.33%

Ideal Home Brokers sales@idealhomebrokers.com

Ideal Home Brokers sales@idealhomebrokers.com

Ideal Home Brokers sales@idealhomebrokers.com

Resale $/SF Year-over-Year Percentage Change: Irvine, CA since January 2001

Resale $/SF Year-over-Year Percentage Change: Irvine, CA by zip code

Ideal Home Brokers sales@idealhomebrokers.com

Year-over-Year Percentage Change in Rental $/SF: Irvine, CA since January 2001

Year-over-Year Percentage Change in Rental $/SF: Irvine, CA by zip code

Months Inventory Closings

Irvine 5.3 754 142

Ideal Home Brokers sales@idealhomebrokers.com

Irvine Current Months-of-Supply by Zip Code

Overview of OC Cities by zip code

$ 380,000 $ 240 $ 2,050 4.89%

$ 250,000 $ 187 $ 1,600 5.52%

$ 355,000 $ 196 $ 1,775 3.58%

Ideal Home Brokers sales@idealhomebrokers.com

$ 319,000 $ 214 $ 1,750 5.12%

$ 285,000 $ 212 $ 1,595 4.06%

$ 310,000 $ 208 $ 2,400 5.35%

$ 370,000 $ 230 $ 1,895 4.81%

$ 460,000 $ 234 $ 2,290 5.10%

$ 345,000 $ 192 $ 2,100 5.88%

Ideal Home Brokers sales@idealhomebrokers.com

$ 350,000 $ 223 $ 2,300 4.92%

$ 334,235 $ 236 $ 2,200 5.30%

$ 315,000 $ 171 $ 2,100 5.57% Costa Mesa

$ 1,375,000 Median Sale Price

$ 462,000 $ 255 $ 2,500 4.15%

$ 430,000 $ 280 $ 2,175 4.54%

Ideal Home Brokers sales@idealhomebrokers.com

$ 855,000 $ 228 $ 4,300 4.84%

$ 374,900 $ 220 $ 2,350 5.08%

$ 508,000 $ 293 $ 1,900 3.40% Fountain Valley

$ 610,000 $ 308 $ 2,650 4.46%

$ 520,000 $ 298 $ 2,500 4.55%

$ 375,000 $ 230 $ 1,900 4.77%

Ideal Home Brokers sales@idealhomebrokers.com

$ 307,000 $ 196 $ 2,100 5.48%

$ 333,000 $ 230 $ 2,195 4.63%

$ 480,000 $ 223 $ 1,425 3.53%

$ 280,000 $ 210 $ 1,350 4.79%

$ 363,000 $ 238 $ 1,095 2.62%