O.C. home prices continue to strengthen

By: Allan Heller ~ June 4, 2010

Orange County home prices continue to strengthen according to the following OC Register article.

O.C. home median price at 21-month high

June 4th, 2010, 9:09 am · posted by Jon Lansner

For the 22 business days ending May 18 – DataQuick’s latest real estate buying report — Orange County saw …

For the 22 business days ending May 18
Slice Price Yr. ago Sales Yr. ago
Houses $515,000 +15.7% 1,935 +7.0%
Condos $295,000 +13.5% 926 +18.9%
New $640,000 +34.9% 195 +61.2%
All O.C. $440,000 +12.8% 3,056 +12.8%
  • $440,000 median selling price that is up 12.8% vs. a year ago yet -32% below June 2007’s peak of $645,000.
  • A median of $440,000 was last seen in Orange County in August 2008.
  • The most recent median is 19% above the cyclical low hit in January 2009 at $370,000 — a current bottom that was 43% below the peak.
  • The median selling price of an Orange County single-family home is 30% less than their peak pricing (June ‘07) while condos sell 37% below their peak in March 2006. Builder prices for new homes are 26% below their February ‘05 top.
  • Single-family homes were 75% more expensive than condos in this period vs. 71% a year ago. From 1990-2008, the average house/condo gap was 58%.
  • In this most recent period, Orange County shoppers bought 3,056 residences — that is +12.8% vs. year-ago buying activity. This current sales pace is 85% of the average 3,597 homes sold per month in the 20 years ended in 2009.
  • Builders’ new-home sales were 6% of all Orange County residences sold in the period vs. 4% a year ago. From 1990-2009, builders did 14% of the selling.

via O.C. home median price at 21-month high – Lansner on Real Estate : The Orange County Register.

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