Orange County Median Home Price Went Below $400,000
Yikes, the median home price went below $400,000 lowest in 3 years. It was $392,000. We saw the statistics for the Thanksgiving through January take a big hit here locally. It was much slower than usual. Sales have fallen 3 percent in January. Last month's transactions were 26 percent below the January average of 2,540 deals over the past 24 years. Yikes again.
Both prices and sales went down significantely and that is just not good for the housing sector in California. A larger majority of absentee buyers or second home buyers are in this market. Thank God or we would be in even more trouble. The majority of the absentee buyers are investors.
We have a State that is negative to small business and is trying to increase taxes and we wonder why the prices keep slipping. The high unemployment and the number of people under employeed is a serious problem to the overall California housing market.