07-27-2009 10:56 PM
07-27-2009 11:46 PM
And OC Metro reports that prices are down in June...these are year-over-year prices so the stat makes more sense than the ocbj stat which reflected June 2009 prices v. May 2009, where it can be attributed to seasonal increases in home buying that pushes up prices too:
Orange County home prices fall 15 percent in June
But sales are up 18 percent compared to the same time last year.
By Kristen Schott
Published: July 27, 2009 01:43 PM
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Orange County's median home price slid to $488,320 in June, down 14.6 percent compared to the same time last year, according to a recent report from the California Association of Realtors.
But it's not all bad news: The number is up 3 percent over May, and sales increased 18 percent compared to June 2008. Purchases also jumped 8.5 compared to May.
C.A.R., which measures closed escrow sales of existing, single-family detached homes statewide, attributes the increase in home sales to lower costs, among other factors.
“Many first-time buyers, especially those who were previously priced out of certain areas, are realizing that tax credits from both the state and federal governments, increased affordability, and low interest rates are creating a prime time to purchase a home,” says C.A.R. President James Liptak.
Signs of that are evident throughout Orange County – for example, the new town-home development from the Irvine Co., Ivy by William Lyon Homes, sold out in the first 15 minutes when it debuted this month.
Statewide, home prices fell 26.4 percent compared to a year ago, bringing the number to $274,740. But, it is up 4.2 percent from May. Sales also increased 20 percent compared to June 2008, though they did decrease 6 percent from May.
In a separate report covering more localized statistics from C.A.R. and DataQuick Information Systems – which measures new and existing condos and single-family home sales – Orange County's median home price was listed as $415,500, an 11.6 percent drop from the same time last year.
Though the region did report an overall decline in home prices, some cities actually saw an increase. Here's a breakdown:
Laguna Hills: 20.6 percent
Placentia: 2.9 percent
Lake Forest: 2.4 percent
Dana Point: 1.4 percent
Seal Beach: 0.3 percent
Despite a 22 percent decline in prices, Laguna Beach was listed among the 10 cities with the highest medians statewide in June. The average cost of a home in Laguna is $1.2 million. Beverly Hills came in at No. 1, with a median of $1.7 million.