Home price is important to a healthy housing cycle. While existing homeowners love rising real estate prices because they see their investment appreciating, if prices climb too high, the community suffers, especially impacting those looking for a first home. When first-time buyers can’t afford to buy, the housing cycle collapses - a "moving up" family can’t move out of their home unless they have a buyer.
Irvine is situated in what has been referred to as a job-rich environment. The city’s employment areas, including the Irvine Business Complex, UC Irvine and Irvine Spectrum, generate a significant number of jobs which, in turn, creates demand for housing. This demand cannot be met entirely within the City of Irvine. Housing located in the vicinity of Irvine can and must help meet the housing needs of the local employment centers. However, the more housing choices offered to the consumer in Irvine, the better the city can respond to the increasing need for a balance between jobs and housing.
Oh… man, the job growth has been hammered since then, and if you factor RE jobs, then it looks worse.
Ut roh… in 2007, there was barely over 2300 total sales, let alone resales.
