More evidence of the surging Orange County housing market revealed itself this week in the latest report from Core-Logic (via the Orange County Register). According to the study, home prices in the O.C. were up 11.7 percent in January from the previous year, which is the fourth-highest increase among U.S. large metro areas.
Topping the list of price increases in January was Phoenix, which saw an annual increase of 22.7 percent. Los Angeles County was next with a 12.2 percent increase in home prices and the Inland Empire ranked third with an increase of 12.1 percent.
Analysts from Core-Logic were bullish in their outlook for the national housing market moving forward. Overall, they found home prices rose nationwide by 9.7 percent in January on a year-over-year basis.
The Orange County Register highlighted the following comments from CoreLogic officials. First, Anand Nallathambi, president and CEO of Core Logic.
“Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012,” he said.
Next is CoreLogic Chief Economist Mark Fleming.
“With these gains, the housing market is poised to enter the spring selling season on sound footing,” Fleming said.
Overall in California, home prices increased by 14.1 percent in January. That ranked fourth-best by state, trailing only Arizona (20.1 percent), Nevada (17.4 percent) and Idaho (14.9 percent.)
The only states that did not see home price increases in January were Delaware and Illinois.