Cypress single family detached homes are currently averaging $1,014,000.
Cypress Condos and townhomes are averaging $679,450.
Cypress homes are averaging 41 days for sale before entering escrow.
Orange County houses, condos, and townhomes have a $950,000 median home price in November – 3% higher than November 2021. This is 10% lower than the $1,054,000 peak reached in May 2022. The number of Orange County homes sold this year are down 41% compared to 1 year ago.
A home purchase for the average priced Orange County home with a 20% down payment ($190,000) averages a $5,005 monthly payment this month vs. $3,143 for last year’s $919,700 median price – A 59% increase in monthly payments – mostly due to higher interest rates.
Interest rates are double last year’s rates, and the number of mortgage loans taken out declined 64% in the past year. This includes 55% fewer purchase loans, and 83% fewer refinances.
On a positive note, interest rates have just recently softened this week, and there are some terrific 30 year fixed hybrid programs available starting at 5.25% and zero points. Feel free to call me direct at 800-944-2441, and I can provide additional information on where to get the best home loan programs in December.
If you are considering a move in 2023, working with an experienced real estate agent is critical in this market to insure you receive the most profit when selling. I have personally sold over 1,000 homes in Cypress. That’s experience you can trust. We can provide the right knowledge to insure you receive the highest price. Call me direct at: 800-944-2441, or email me at: Cary@Cary4Homes.com..