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Why OC’s Entry-Level Homes Are Selling Fast

Entry-level home seekers tend to be more sensitive to interest rates, plus entry-level products are located in very supply-constrained markets that are close to jobs and key amenities, Trumark Homes executives tell GlobeSt.com.

Richard Douglass Douglass: “The fact is, there is actually no shortage of land. There is a shortage of will and resolve to evolve the obsolete and derelict land uses that dot Orange County.”

NEWPORT BEACH, CA—Entry-level home seekers tend to be more sensitive to interest rates, plus entry-level products are located in very supply-constrained markets that are close to jobs and key amenities, Trumark Homes executives tell GlobeSt.com. According to the firm, as confidence in the housing industry increases, more Millennials are now looking to buy homes instead of rent.

Even more interesting is that in Orange County, entry-level homes are selling at almost double the rate of luxury homes, Trumark says. And despite the rising median home price in Orange County, buyers will still gain more space for their dollar in the suburbs or exurbs: the price per square foot in OC is nearly 60 percent cheaper than that in L.A.

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Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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