South Orange County Blog from Bob Phillips

Orange County median home price up 10.5% in year

Posted in home affordability, Real estate by southorangecounty on March 26, 2010

For the 22 business days ending March 8 – DataQuick’s latest homebuying report — Orange County saw …

For the 22 business days ending March 8
Slice Price Yr. ago Sales Yr. ago
Houses $500,000 +13.6% 1,559 -4.1%
Condos $288,750 +11.5% 812 +15.7%
New $523,500 +6.5% 101 +26.3%
All O.C. $420,000 +10.5% 2,472 +2.7%
  • $420,000 median selling price that is +10.5% vs. a year ago and -35% below June 2007’s peak of $645,000.
  • The most recent median is 14% above the cyclical low hit in January 2009 at $370,000 — a current bottom that was -43% below the peak.
  • Prices fell on a year-over-year basis from Sept. 2007 through August. (Worst at -31.5% in August 2008.)
  • Single-family homes resell for 32% less than their peak pricing (June ‘07) while condos sell 39% below their peak in March 2006. Builder prices for new homes are 39% below their February ‘05 top.
  • Single-family homes were 73% more expensive than condos in this period vs. 70% a year ago. From 1990-2008, the average house/condo gap was 57%.
  • In this most recent period, O.C. shoppers bought 2,472 residences — that is +2.7% vs. year-ago buying activity. (From 1997-2006, monthly sales averaged 4,304 per month.)
  • Builder’s new homes sales were 4% of all residences sold in the period vs. 3% a year ago. From 1990-2008, builders did 15% of the selling.

How did your neighborhood fare? Check our ZIP-by-ZIP data HERE!

March 26th, 2010 · from Jon Lansner, of the O.C. Register

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