The average median home price in Orange County will decline nearly 9% this year, while the local housing sector also “shows signs of recovery,” according to Chapman University economists led by President Emeritus Jim Doti.
The economists predict the county will create 24,000 jobs for a 1.4% increase from 2022 to 2023, while there has been a “downward drift” in job growth.
Orange County will also feel the effects of the U.S. recession expected later this year, according to the economists’ forecast update presented today in Orange.
For further details on the forecast, see the June 26 print edition.
