Revenue from Orange County Home Sales Reached 8-Year High in 2013

The final tally from the California Regional Multiple Listing Service shows revenue from Orange County home sales totaled $20.4 billion in 2013. That’s the most since the height of the housing boom in 2005 and represents a 16.2% increase from 2012.

As the Orange County Register pointed out in its report, the rebounding Orange County housing market helped to boost the region’s overall economy in 2013. In fact, home sales generated about $1.2 billion in gross earnings for local real estate brokerages last year. That was up more than $171 million from 2012.

The story notes one reason for the boost in home sales revenue has been a shift to sales of pricier homes in Orange County. Here is the total revenue of home sales in Orange County for the past nine years, according to the Register:

2005: $25.02 billion

2006: $20.20 billion

2007: $15.30 billion

2008: $13.40 billion

2009: $13.80 billion

2010: $15.50 billion

2011: $13.80 billion

2012: $17.50 billion

2013: $20.40 billion

You can see that between 2005 and 2008 the Orange County housing market saw nearly half of its total revenue vanish. That is steadily being recovered, however, and it will be interesting to see if the rate of improvement will continue at this pace in 2014. Many observers are of the belief that if mortgage interest rates rise this year, as is largely expected, sales activity will probably slow as a result.