REVENUE & EXPENDITURE ASSUMPTIONS
Last year, Irvine’s housing market continued to show growth. The median price of a single -family home reached $1.28 million in 2022. Overall, growth in the number of Irvine home sales have slowed compared to prior years due to a dramatic rise in interest rates and projected future rate increases. Looking forward, the lack of inventory and economic uncertainty may slow the housing momentum that Irvine has seen historically, as well as pricing future home buyers out of the market. The chart below shows the Irvine median single family home price for both attached and detached single family residences over a 10-year period.
FY 2023-25 Adopted Budget
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