O.C. home sales rising 11.6%

December 5th, 2009-- Posted by Jon Lansner, OC Register

A late-year homebuying surge emerges, perhaps a push created by a once-looming, federal-tax incentive deadline that was eventually extended to April.
For the 22 business days ending Nov. 12 – DataQuick’s latest homebuying report — Orange County saw sales go up.

Slice Price Yr. ago Sales Yr. ago

Houses $499,000 +7.3% 1,894 +11.3%

Condos $295,000 +5.4% 832 +12.0%

New $545,000 +8.5% 171 +12.5%

All O.C. $430,000 +3.6% 2,897 +11.6%

$430,000 median selling price that is +3.6% vs. a year ago and -33% below June 2007’s peak of $645,000.

The most recent median is 16% 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 37% below their peak in March 2006. Builder prices for new homes are 37% below their February ‘05 top.

In this most recent period, O.C. shoppers bought 2,897 residences — that is +11.6% vs. year-ago buying activity. (From 1997-2006, monthly sales averaged 4,304 per month.)

September was 15th straight month of sales gains vs. the year-ago period. That follows 33 consecutive months where sales failed to beat the previous year’s pace.

For what has happened in Laguna Beach and elsewhere, give me a call at 949-275-5900