OC BUYING UP 3.30% OVER PRIOR YEAR!
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For the 22 business days ending July 21st - DataQuick's latest home-buying report; Orange County saw ...
- 2,996 residences sold - that is +3.3% vs. year-ago buying activity. The last time year-over-year sales growth was slower for a full month was October 2009.
- Clearly, the end of the federal tax break is behind the sluggish growth as June sales were 15.7% above a year ago; May's were up 22%.
- This current sales pace is 83% of the average 3,597 homes sold per month in the 20 years ended in 2009.
- $450,000 median selling price that is +5.9% vs. a year ago and -30% below June 2007's peak of $645,000.
- The most recent median is 22% above the cyclical low hit in January 2009 at $370,000 - so the median has recouped 29% of the $275,000 price drop from the peak.
- The median selling price of a single-family homes is 28% less than their peak pricing (June ‘07) while condos sell 37% below their peak in March 2006. Builder prices for new homes are 32% below their February ‘05 top.
- Single-family homes were 78% more expensive than condos in this period vs. 65% a year ago. From 1990-2009, the average house/condo gap was 58%.
- Builder's new homes sales were 10% of all residences sold in the period vs. 4% a year ago. From 1990-2009, builders did 14% of the selling.
Joe Curtis
Pickford Escrow & The Escrow Firm
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