The Duke and the Duchess of Sussex are thought to have bought a luxurious home in Santa Barbara County’s Montecito area. However, it seems the couple may not have chosen a good time to invest in property.
New figures from the National Association of Realtors revealed that the median existing single-family home price rose 4.2 percent annually during the second quarter.
A vanishing supply paired with excessive demand is driving price surge in the United States.
On-the-ground reporting indicates that is it also the case for Santa Barbara County.
Renee Grubb, owner of the Montecito-based real estate firm Village Properties, told the Santa Barbara News-Press that the local housing market boom is “completely shocking.”
Ms Grubb added: “We are seeing jaw-dropping numbers and showings and they really started spiking in June.
“I can remember a time where in Montecito, there was inventory in the market that would take two years to sell, and now, I am quoting you just a bit over three months.”
The figures come after news outlet Page Six reported on Wednesday that the couple are moving out of friend Tyler Perry’s home in July after five months living there.
Speaking to Page Six, a source said: “Harry and Meghan have been quietly living in their own home in Santa Barbara since early July.
“They are not houseguests of Oprah or anyone else, they bought this home themselves.
“This is where they want to continue their lives after leaving the UK.
“This is the first home either of them has ever owned.
“It has been a very special time for them as a couple and as a family — to have complete privacy for six weeks since they moved in.
“They intend to put down their roots in this house and the quiet community, which has considerable privacy.
“This is where they want to bring Archie up, where they hope he can have as normal a life as possible.”
The source added: “Harry and Meghan never intended to make Los Angeles their home. It was a good place for them to be upon their arrival in the US to be close to Meghan’s mom.”
Due to security concerns, the source did not reveal further details of the home or it’s specific location.
However, they added: “They have thought about this carefully and researched it well.
“This is the place where they plan to be happy, make good friends and bring up Archie, giving him the chance to play with other children his age.”
The reports come after the Sussexes filed a lawsuit against numerous paparazzi companies after Archie was photographed with Meghan’s mother, Doria Ragland, in the in the private driveway of Mr Perry’s residence.
It is believed a drone was used to obtained the images.
Speaking to Page Six about the incident, the source said: “Harry and Meghan are both very upset by this breach of privacy, but that wasn’t the reason they left Los Angeles.
“They were already in the process of buying their home in Santa Barbara.
“While it was a nice favour to them at a very difficult time, Tyler Perry’s house with 18 bedrooms isn’t Harry’s style. Yes, he grew up in royalty and the halls of Buckingham Palace, but he prefers more intimate homes with character.”